-- Company Announces Completion of Omni-Channel 'Endless
Aisle' Implementation at All Ann Taylor and LOFT Stores --
-- Provides Outlook for the Fiscal Second Quarter and
Updates Full Year 2015 --
NEW YORK, May 22, 2015 /PRNewswire/ -- ANN INC. (NYSE:
ANN) today reported results for the fiscal first quarter of 2015
ended May 2, 2015. The Company
also provided its outlook for the second quarter and updated its
outlook for the full year of fiscal 2015.
For the first quarter of fiscal 2015, the Company reported GAAP
earnings per diluted share of $0.29,
compared with $0.11 per diluted share
in the first quarter of fiscal 2014. Excluding the
$0.08 per diluted share impact of a
$6.4 million pre-tax restructuring
charge recorded during the first quarter of fiscal 2015, earnings
per diluted share would have been $0.37. This compares with first quarter
2014 earnings per diluted share of $0.33, which excludes the $0.22 per diluted share impact of a $17.3 million pre-tax restructuring charge
recorded during the 2014 period.
Kay Krill, President and Chief
Executive Officer, commented, "ANN INC. delivered bottom-line
results for the quarter that exceeded our expectations. We were
able to achieve these results, despite softer-than-anticipated
gross margin performance, through continued effective management of
expenses.
"The results reflected a weak February but positive comparable
sales performance at both Ann Taylor and LOFT in the combined March
and April period, as clients responded positively to our new Spring
assortments that coincided with the onset of warmer weather.
"Overall, we continue to focus on delivering meaningful growth
on both the top and bottom lines as the year progresses. We
are excited about the product and merchandising strategies we have
underway, as well as our progress towards further enhancing the
brand experience for our clients across multiple touchpoints.
We're very pleased with the early completion of our endless
aisle roll-out, which further enhances our strong omni-channel
capabilities. In addition, we look forward to the contributions
from our other strategic initiatives, including our Supply Chain
Initiative, SG&A Optimization Program and the growth of Lou
& Grey, as we continue to take steps to grow our business and
increase profitability," Ms. Krill
concluded.
Fiscal 2015 First Quarter Results
Total net sales for the first quarter of fiscal 2015 were
$597.7 million, compared with net
sales of $590.6 million in the first
quarter of fiscal 2014. By brand, net sales across all
channels of the Ann Taylor brand totaled $211.3 million in the first quarter of 2015,
compared with net sales of $219.9
million in the first quarter of 2014. At the LOFT
brand, net sales across all channels were $386.4 million in the first quarter of 2015,
compared with net sales of $370.6
million in the first quarter of 2014.
Total Company comparable sales for the quarter decreased
1.5%. At Ann Taylor, total brand comparable sales declined
3.0%, reflecting an increase of 2.6% at Ann Taylor, which includes
Ann Taylor stores and anntaylor.com, and a decline of 14.5% in the
Ann Taylor Factory channel. At LOFT, total brand comparable
sales declined 0.6%, reflecting decreases of 0.7% at LOFT, which
includes LOFT stores and LOFT.com, and 0.2% in the LOFT Outlet
channel. (Please refer to Table 3 for a breakdown of sales
by brand and channel.)
Gross margin, as a percentage of net sales, was 52.3%, versus
the 53.4% gross margin rate achieved in the first quarter of
2014. The overall decrease in gross margin rate performance
was primarily driven by a decline in merchandise gross margin rate,
which was negatively impacted by continued traffic challenges and
the highly competitive retail environment, as well as soft product
performance at Ann Taylor Factory and in select categories at LOFT,
all of which caused us to be more promotional than planned in order
to clear through inventory.
Selling, general and administrative expenses for the first
quarter of 2015 were $283.7 million,
versus $288.7 million reported in the
first quarter of 2014. As a percentage of net sales, selling,
general and administrative expenses were 47.5%, a 140 basis-point
improvement compared to the first quarter of 2014, primarily
reflecting a reduction in overall store operating expenses due, in
part, to the initial benefits of our SG&A Optimization Program
as well as savings resulting from our first quarter 2014 strategic
realignment, partially offset by an increase in performance-based
compensation expense.
The Company recorded a pre-tax restructuring charge of
$6.4 million during the first quarter
of 2015 in connection with its previously-announced Supply Chain
Initiative and SG&A Optimization Program. This compares
with a pre-tax restructuring charge of $17.3
million recorded during the first quarter of 2014 in
connection with the Company's previously announced strategic
realignment.
During the first quarter of 2015, the Company reported operating
income of $22.6 million on a GAAP
basis, compared with GAAP operating income of $9.2 million in the first quarter of 2014.
Excluding the aforementioned restructuring charge, operating income
in the first quarter of 2015 would have been $29.0 million. This compares with operating
income of $26.5 million in the first
quarter of 2014, which excludes the aforementioned first quarter
2014 restructuring charge.
Net income for the first quarter of 2015 was $13.6 million, or $0.29 per diluted share, on a GAAP basis,
compared to $5.2 million, or
$0.11 per diluted share, in the first
quarter of 2014. Excluding the $3.7
million, or $0.08 per diluted
share, after-tax effect of the first quarter 2015 restructuring
charge, net income would have been $17.3
million, or $0.37 per diluted
share. This compares with adjusted net income of $15.4 million, or $0.33 per diluted share, in the first quarter of
2014, which excludes the $10.2
million, or $0.22 per diluted
share, after-tax effect of the first quarter 2014 restructuring
charge.
The Company ended the quarter with approximately $176 million in cash.
Total inventory per square foot at the end of the first quarter
increased 3% versus year-ago, reflecting a decrease of 10% at Ann
Taylor and increases of 13% at LOFT and 1% in the factory-outlet
channel. The decrease at Ann Taylor reflects an overall
decrease in unit inventory per square foot. The increase at
LOFT primarily reflects a shift in the timing of receipts as
compared to the first quarter of 2014, without which, inventory per
square foot at LOFT would have been flat.
During the first quarter of fiscal 2015, the Company opened
eight new stores, comprised of two Ann Taylor Factory stores, four
LOFT stores, one LOFT Outlet store and one Lou & Grey store,
and closed three Ann Taylor stores and one LOFT store. Our
total store count at the end of the fiscal first quarter of 2015
was 1,034, comprised of 242 Ann Taylor stores, 118 Ann Taylor
Factory stores, 540 LOFT stores, 128 LOFT Outlet stores and six Lou
& Grey stores.
Update
As previously reported on May 18,
2015, ascena retail group (NASDAQ: ASNA) and ANN INC.
(NYSE: ANN) announced that they have entered into a
definitive merger agreement under which ascena will acquire ANN
INC. for a combination of cash and stock in an accretive
transaction.
Upon closing, ANN INC. stockholders will receive $37.34 in cash and 0.68 of a share of ascena
common stock in exchange for each share of ANN common stock.
At closing of the transaction, ANN INC. stockholders will own
approximately 16% of ascena. The transaction is expected to
close in the second half of 2015, subject to customary closing
conditions, including, among other things: the expiration or early
termination of the waiting period under the Hart-Scott-Rodino (HSR)
Antitrust Improvements Act of 1976 and approval of the merger by
the holders of a majority of the outstanding shares of ANN INC. The
transaction does not require approval by ascena stockholders.
Outlook for Fiscal Second-Quarter and
Full-Year 2015
Excluding the potential impact of the aforementioned transaction
with ascena, the Company expects the following for the fiscal
second quarter of 2015:
- Total net sales to be $660
million, reflecting total Company comparable sales that are
slightly positive compared to the fiscal second quarter of
2014;
- Gross margin rate performance to be 51.5%;
- Selling, general and administrative expenses to be $285 million;
- The effective tax rate to be 41%; and,
- Weighted average diluted shares outstanding for the quarter of
approximately 46.5 million shares, which includes the effect of
participating securities.
Excluding the potential impact of the aforementioned transaction
with ascena, the Company expects the following for the full year
fiscal 2015:
- Total net sales to be $2.560
billion, reflecting a total Company comparable sales
increase in the low-single digits;
- Gross margin rate performance to be 51.5%;
- Total SG&A expenses to be $1.160
billion, including approximately $20
million of targeted savings in fiscal 2015 associated with
the Company's aforementioned SG&A optimization program;
- An effective tax rate of 40.5%;
- Weighted average diluted shares outstanding for the year of
approximately 46.5 million shares, which includes the effect of
participating securities; and,
- Capital expenditures to be approximately $85 million.
- Total weighted average square footage for fiscal 2015 is
expected to remain approximately flat with 2014, reflecting the
opening of approximately 40 new stores, offset by the impact of
approximately 35 store closures. The Company expects to have
approximately 1,035 stores at fiscal year-end.
The Company expects to maintain its healthy balance sheet,
including a conservative approach to inventory management
throughout Fiscal 2015.
About ANN INC.
ANN INC. is the parent Company of Ann Taylor and LOFT, two
of the leading women's specialty retail fashion brands in North
America. As of May 2, 2015, the Company operated 1,034
Ann Taylor, Ann Taylor Factory, LOFT, LOFT Outlet and Lou
& Grey stores in 47 states, the District of Columbia, Puerto Rico and Canada.
Our Ann Taylor and LOFT brands are also available online in more
than 100 countries worldwide at AnnTaylor.com and LOFT.com or at
our LOFT franchise stores in Mexico. Visit ANNINC.com
for more information (NYSE: ANN).
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. The
forward-looking statements may use words such as "expects,"
"anticipates," "plans," "intends," "projects," "may," "believes,"
"seeks," "estimates" and variations of such words and similar
expressions, which generally are not historical in nature.
Forward-looking statements also include representations of the
expectations or beliefs of the Company concerning future events
that involve risks and uncertainties, including:
- the Company's ability to anticipate and respond to changing
client preferences and fashion trends and provide a balanced
assortment of merchandise that satisfies client demands in a timely
manner;
- the effectiveness of the Company's brand awareness and
marketing programs, its ability to maintain brand image, engage new
and existing clients, drive traffic to its stores and websites and
gain market share;
- the effect of competitive pressures from other retailers as
well as structural headwinds in the specialty retail sector;
- the Company's reliance on key management and its ability to
hire, retain and develop qualified associates as well as ensure
that the Company has the appropriate organizational structure and
processes in place to achieve its strategic initiatives;
- the Company's reliance on third-party manufacturers and key
vendors, including operational risks such as reduced production
capacity and flexibility, errors in complying with merchandise
specifications, insufficient quality control and failure to meet
production deadlines;
- the Company's dependence on its Louisville distribution center and third-party
distribution and transportation providers;
- the Company's reliance on foreign sources of production and the
associated risks of doing business in foreign markets;
- the impact of fluctuations in sourcing costs, in particular,
increases in the costs of raw materials, labor and
transportation;
- the Company's ability to manage inventory levels and changes in
merchandise mix as well as optimize the operational aspects of its
omni-channel fulfillment strategy;
- the Company's ability to successfully optimize implementation
of its omni-channel retail strategy and maintain a relevant and
reliable omni-channel experience for its clients;
- the impact of a privacy breach and the resulting effect on the
Company's business and reputation;
- the Company's ability to successfully execute brand goals,
objectives and new concepts and strategies, including international
expansion;
- the Company's ability to successfully manage its Internet
business and deliver an integrated omni-channel shopping experience
to its clients;
- the Company's ability to successfully upgrade and maintain its
information systems in a timely and secure manner to support the
needs of the organization and to operate in accordance with its
business continuity plan in the event of a disruption;
- the Company's ability to successfully manage store growth and
optimize the productivity and profitability of its store
portfolio;
- the Company's dependence on shopping malls and other retail
centers to attract clients and the impact of potential
consolidation of commercial and retail landlords on the Company's
ability to negotiate favorable rental terms;
- the Company's ability to secure and protect trademarks and
other intellectual property rights;
- a significant change in the regulatory environment applicable
to the Company's business and the Company's ability to comply with
legal and regulatory requirements;
- the effect of general economic conditions on consumer spending
and the Company's liquidity and capital resources;
- the failure by independent manufacturers to comply with the
Company's social compliance program requirements or applicable laws
and regulations;
- the impact of fluctuations in sales and profitability on the
Company's stock price;
- the potential impact of natural disasters, extreme weather,
public health concerns, acts of war or terrorism in the United States or worldwide;
- the effect of tax matters on its business operations;
- the risks associated with the ability to consummate the
contemplated transaction with ascena;
- the timing of the closing of the contemplated transaction with
ascena;
- the ability to obtain requisite regulatory and stockholder
approvals related to the contemplated transaction with ascena;
- the ability to realize anticipated benefits and synergies of
the contemplated transaction with ascena; and
- the potential impact of the announcement of, or
consummation of, the contemplated transaction with ascena on
relationships, including with employees, credit rating agencies,
customers and competitors; the ability to retain key personnel; the
ability to achieve performance targets.
Further description of these risks and uncertainties and other
important factors are set forth in the Company's latest Annual
Report on Form 10-K, including but not limited to Item 1A – Risk
Factors and Item 7 – Management's Discussion and Analysis of
Financial Condition and Results of Operations therein, and in the
Company's other filings with the SEC. Although these
forward-looking statements reflect the Company's current
expectations concerning future events, actual results may differ
materially from current expectations or historical results.
The Company does not assume any obligation to publicly update or
revise any forward-looking statements at any time for any
reason.
Additional Information and Where to Find
It
In connection with the proposed transaction, ascena intends to
file with the SEC a registration statement on Form S-4 that will
include a proxy statement of the Company that also constitutes a
prospectus of ascena. Investors and security holders are
urged to read the proxy statement/prospectus and other relevant
documents filed with the SEC, when they become available, because
they will contain important information about the proposed
transaction.
Investors and security holders may obtain free copies of these
documents, when they become available, and other documents filed
with the SEC at www.sec.gov. In addition, investors and
security holders may obtain free copies of the documents filed with
the SEC by ascena by contacting ascena Investor Relations at
(551) 777-6895, or by e-mail at
ascenainvestorrelations@ascenaretail.com. Investors and security
holders may obtain free copies of the documents filed with the SEC
by the Company by contacting the Company's Investor Relations at
(212) 541-3300 ext. 3598, or by e-mail at
investor_relations@ANNINC.com.
ascena and the Company and their respective directors and
executive officers and other members of management and employees
may be deemed to be participants in the solicitation of proxies in
respect of the proposed transaction. Information about ascena's
directors and executive officers is available in ascena's proxy
statement for its 2014 Annual Meeting of Stockholders filed with
the SEC on November 3, 2014. Information about directors
and executive officers of the Company is available in the proxy
statement for the Company's 2015 Annual Meeting of Stockholders
filed with the SEC on April 2, 2015. Other information
regarding the participants in the proxy solicitation and a
description of their direct and indirect interests, by security
holdings or otherwise, will be contained in the proxy
statement/prospectus and other relevant materials to be filed with
the SEC regarding the Merger when they become available. Investors
should read the proxy statement/prospectus carefully when it
becomes available before making any voting or investment
decisions. You may obtain free copies of these documents from
ascena or the Company using the sources indicated above.
This document and the information contained herein shall not
constitute an offer to sell or the solicitation of an offer to buy
any securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of
securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the U.S. Securities Act of
1933, as amended.
ANN
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
For the Quarters
Ended May 2, 2015 and May 3, 2014
|
(unaudited)
|
|
Table
1.
|
|
|
Quarter
Ended
|
|
May 2,
2015
|
|
May 3,
2014
|
|
(in thousands,
except per
share amounts)
|
Net sales
|
$
|
597,726
|
|
|
$
|
590,592
|
|
Cost of
sales
|
285,068
|
|
|
275,400
|
|
Gross margin
|
312,658
|
|
|
315,192
|
|
Selling, general and
administrative expenses
|
283,712
|
|
|
288,672
|
|
Restructuring
charges
|
6,375
|
|
|
17,303
|
|
Operating
income
|
22,571
|
|
|
9,217
|
|
Interest and
investment income/(expense), net
|
444
|
|
|
(497)
|
|
Other non-operating
income, net
|
215
|
|
|
25
|
|
Income before income
taxes
|
23,230
|
|
|
8,745
|
|
Income tax
provision
|
9,678
|
|
|
3,562
|
|
Net income
|
$
|
13,552
|
|
|
$
|
5,183
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
Basic earnings per
share
|
$
|
0.30
|
|
|
$
|
0.11
|
|
|
|
|
|
Weighted average shares
outstanding
|
44,974
|
|
|
45,578
|
|
|
|
|
|
Diluted earnings per
share
|
$
|
0.29
|
|
|
$
|
0.11
|
|
|
|
|
|
Weighted average shares
outstanding, assuming dilution
|
45,383
|
|
|
46,043
|
|
ANN
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
May 2, 2015,
January 31, 2015 and May 3, 2014
|
(unaudited)
|
|
Table
2.
|
|
|
May 2,
2015
|
|
January 31,
2015
|
|
May 3,
2014
|
|
(in thousands,
except share amounts)
|
Assets
|
|
Current
assets
|
|
|
|
|
|
Cash
|
$
|
176,341
|
|
|
$
|
207,711
|
|
|
$
|
127,691
|
|
Accounts
receivable
|
39,007
|
|
|
20,360
|
|
|
29,953
|
|
Merchandise
inventories
|
287,690
|
|
|
265,022
|
|
|
282,912
|
|
Refundable income
taxes
|
9,267
|
|
|
9,270
|
|
|
7,190
|
|
Deferred income
taxes
|
33,039
|
|
|
26,046
|
|
|
32,936
|
|
Prepaid expenses and
other current assets
|
71,915
|
|
|
72,489
|
|
|
64,206
|
|
Total current
assets
|
617,259
|
|
|
600,898
|
|
|
544,888
|
|
Property and
equipment, net
|
413,921
|
|
|
426,729
|
|
|
438,838
|
|
Deferred income
taxes
|
17,310
|
|
|
12,119
|
|
|
5,142
|
|
Other
assets
|
22,213
|
|
|
21,760
|
|
|
22,168
|
|
Total
assets
|
$
|
1,070,703
|
|
|
$
|
1,061,506
|
|
|
$
|
1,011,036
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable
|
$
|
117,864
|
|
|
$
|
134,031
|
|
|
$
|
107,481
|
|
Accrued salaries and
bonus
|
23,691
|
|
|
20,268
|
|
|
29,324
|
|
Current portion of
long-term performance compensation
|
6,001
|
|
|
5,838
|
|
|
5,109
|
|
Accrued
tenancy
|
34,074
|
|
|
36,907
|
|
|
37,137
|
|
Gift certificates and
merchandise credits redeemable
|
42,809
|
|
|
49,146
|
|
|
41,801
|
|
Accrued expenses and
other current liabilities
|
107,844
|
|
|
85,298
|
|
|
82,073
|
|
Total current
liabilities
|
332,283
|
|
|
331,488
|
|
|
302,925
|
|
Deferred lease
costs
|
146,943
|
|
|
149,658
|
|
|
160,180
|
|
Deferred income
taxes
|
—
|
|
|
—
|
|
|
36
|
|
Long-term performance
compensation, less current portion
|
7,645
|
|
|
11,601
|
|
|
7,111
|
|
Other
liabilities
|
54,256
|
|
|
58,081
|
|
|
56,775
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
Common stock, $.0068
par value; 200,000,000 shares
authorized; 82,563,516 shares issued
|
561
|
|
|
561
|
|
|
561
|
|
Additional paid-in
capital
|
745,543
|
|
|
749,711
|
|
|
737,687
|
|
Retained
earnings
|
860,804
|
|
|
847,252
|
|
|
784,455
|
|
Accumulated other
comprehensive loss
|
(5,125)
|
|
|
(5,705)
|
|
|
(2,688)
|
|
Treasury stock,
36,570,817; 36,844,722 and 35,736,212
shares, respectively, at cost
|
(1,072,207)
|
|
|
(1,081,141)
|
|
|
(1,036,006)
|
|
Total stockholders'
equity
|
529,576
|
|
|
510,678
|
|
|
484,009
|
|
Total liabilities and
stockholders' equity
|
$
|
1,070,703
|
|
|
$
|
1,061,506
|
|
|
$
|
1,011,036
|
|
ANN
INC.
|
Brand Sales and
Store Data
|
For the Quarters
Ended May 2, 2015 and May 3, 2014
|
(unaudited)
|
|
Table
3.
|
|
|
Quarter
Ended
|
Sales and
Comparable Sales
|
May 2,
2015
|
|
May 3,
2014
|
|
Sales
|
|
Comp %
(1)
|
|
Sales
|
|
Comp %
(1)
|
|
($ in
thousands)
|
Ann Taylor
brand
|
|
|
|
|
|
|
|
Ann Taylor
(2)
|
$
|
148,793
|
|
|
2.6%
|
|
|
$
|
150,656
|
|
|
—%
|
|
Ann Taylor
Factory
|
62,559
|
|
|
(14.5)%
|
|
|
69,293
|
|
|
(7.1)%
|
|
Total Ann Taylor
brand
|
$
|
211,352
|
|
|
(3.0)%
|
|
|
$
|
219,949
|
|
|
(2.3)%
|
|
LOFT brand
|
|
|
|
|
|
|
|
LOFT (3)
|
$
|
312,231
|
|
|
(0.7)%
|
|
|
$
|
306,289
|
|
|
(1.8)%
|
|
LOFT
Outlet
|
74,143
|
|
|
(0.2)%
|
|
|
64,354
|
|
|
(0.2)%
|
|
Total LOFT
brand
|
$
|
386,374
|
|
|
(0.6)%
|
|
|
$
|
370,643
|
|
|
(1.6)%
|
|
Total
Company
|
$
|
597,726
|
|
|
(1.5)%
|
|
|
$
|
590,592
|
|
|
(1.8)%
|
|
Table 3.
(Continued)
|
|
|
|
Quarter
Ended
|
Stores and Square
Footage
|
May 2,
2015
|
|
May 3,
2014
|
|
Stores
|
|
Square Feet
|
|
Stores
|
|
Square Feet
|
|
(square feet in
thousands)
|
|
|
|
|
|
|
|
|
Ann Taylor
brand
|
|
|
|
|
|
|
|
Ann Taylor
|
242
|
|
|
1,151
|
|
|
264
|
|
|
1,306
|
|
Ann Taylor
Factory
|
118
|
|
|
789
|
|
|
111
|
|
|
748
|
|
Total Ann Taylor
brand
|
360
|
|
|
1,940
|
|
|
375
|
|
|
2,054
|
|
|
|
|
|
|
|
|
|
LOFT brand
|
|
|
|
|
|
|
|
LOFT (4)
|
546
|
|
|
3,076
|
|
|
544
|
|
|
3,106
|
|
LOFT
Outlet
|
128
|
|
|
838
|
|
|
113
|
|
|
744
|
|
Total LOFT
brand
|
674
|
|
|
3,914
|
|
|
657
|
|
|
3,850
|
|
Total
Company
|
1,034
|
|
|
5,854
|
|
|
1,032
|
|
|
5,904
|
|
|
|
|
|
|
|
|
|
Number of
Company-operated:
|
|
|
|
|
|
|
|
Stores open at
beginning of period
|
1,030
|
|
|
5,834
|
|
|
1,025
|
|
|
5,873
|
|
New stores
|
8
|
|
|
41
|
|
|
13
|
|
|
71
|
|
Downsized/expanded
stores, net (5)
|
—
|
|
|
—
|
|
|
—
|
|
|
(10)
|
|
Closed
stores
|
(4)
|
|
|
(21)
|
|
|
(6)
|
|
|
(30)
|
|
Stores open at end of
period
|
1,034
|
|
|
5,854
|
|
|
1,032
|
|
|
5,904
|
|
Number of
international franchise:
|
|
|
|
|
|
|
|
Stores open at
beginning of period
|
3
|
|
|
|
|
—
|
|
|
|
New stores
|
3
|
|
|
|
|
—
|
|
|
|
International
franchise stores open at end of period (6)
|
6
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) A store
is included in comparable sales in its thirteenth month of
operation. A store with a square footage change of greater than 15%
is treated as a new store for the first year following its
reopening.
|
(2)
Includes sales at Ann Taylor stores and
anntaylor.com.
|
(3)
Includes sales at LOFT stores, LOFT.com and Lou & Grey
stores.
|
(4)
Includes Lou & Grey stores.
|
(5) During
the quarter ended May 3, 2014, we downsized one Ann Taylor store
and one LOFT Outlet store.
|
(6)
International franchise stores are not considered in brand-level
or Company-operated stores and square footage data.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ann-inc-reports-first-quarter-2015-results-300087494.html
SOURCE ANN INC.