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.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)