Ann Inc. fought off margin erosion from steep markdowns to post a 20.8 percent jump in first-quarter net income and expects strict cost controls and good e-commerce sales to deliver a strong second quarter.
The New York-based operator of Ann Taylor and Loft said Friday that it registered net income of $27.3 million, or 51 cents a diluted share, for the period ended April 30, compared with year-ago income of $22.6 million, or 38 cents a share. Net sales rose 10 percent to $523.6 million, from $476.2 million in 2010.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"