By  on August 7, 2014

Ann Inc., warning of second-quarter results that fell far short of earlier guidance, lost the most ground on a day when the WWD Global Stock Tracker declined after two days of gains.

The Tracker surrendered 0.8 percent to end the day at 96.92. The percentage drop was the third largest since WWD’s monitor of 100 major fashion, luxury, retail and beauty stocks around the world was inaugurated on July 8.

Ann Inc. warned this morning that second-quarter sales fell far short of the $648 million it had projected in its initial quarterly guidance, set on May 30, for sales of $670 million. Hurt by the weak performance of knit tops in its Loft division, corporate gross margin is expected to come in at 52.4 percent of sales, 110 basis points below guidance.

Shares ended the day at $36.02, 5.3 percent below their end point on Wednesday. The second-largest fall came from The Bon-Ton Stores Inc., with shares off 5.1 percent to $9.19, followed by Ann’s rival missy retailer, Chico’s FAS Inc., off 4.9 percent to $15.30.

Adidas fell 4.5 percent to 55.50 euros, or $74.24 at current exchange, and American Apparel Inc. was down 4 percent to 88 cents.

A smaller group of equities with gains was led by Trinity Ltd., up 3.1 percent to 1.98 Hong Kong dollars, or 26 cents, and Anta Sports Products Ltd., up 2.5 percent to 14.60 Hong Kong dollars, or $1.88.

J.C. Penney Co. Inc.’s shares were up 2.5 percent to $9.20, while L Brand Incs Inc, advanced 2.4 percent to $60.62. L Brands impressed Wall Street with its report that corporate comps were up 6 percent in July, in between Victoria’s Secret Stores gain of 5 percent and Bath & Body Works’ 7 percent rise.

Yoox.com shares rose 2.4 percent to 17.87 euros, or $23.90.


To access this article, click here to subscribe or to log in.

load comments
blog comments powered by Disqus