Ann, parent company of Ann Taylor and Loft warned it would post its first same-store sales decline in 10 quarters. Bobbi Rebell reports.
Ann, the parent company of Ann Taylor and Loft brands, having a big fashion miss, and, in turn, an earnings miss. Ann had previously cut its sales outlook, and also now has warned it would have its first same store sales decline in 10 quarters. Not only have they had the wrong product mix in their store. There have also been operational problems, like shipping delays at West Coast ports. CEO Kay Krill saying: "Our performance reflected weak traffic across the industry, a highly promotional retail environment and the impact of labor uncertainty at the West Coast ports, which resulted in product shipment delays in the first half of the quarter and higher air freight expense later in the period" Shares of Ann are up this year, but have been on a downtrend recently. Investors wary about tough competition and weak mall traffic heading into the holiday season.