Ann Taylor heading north in expansion
NYC, NY, United States
November 21, 2011 03:05 pm EST
Economy, Business And Finance, Company Information, Global Expansion, Arts, Culture And Entertainment, Fashion
Specialty apparel retailer Ann Taylor, headquartered in New York City, has plans to expand globally.
The American group of retail chain stores for women, known as Ann Taylor Stores, will expand into Canada in 2012 and then look further abroad.
Known for its classic styled suits, separates, dresses, shoes and accessories, the Ann Taylor brand is marketed under four divisions: Ann Taylor, LOFT, Ann Taylor Factory and LOFT Outlet.
The announcement of plans to go global was made during a third quarter conference call on Friday. Ann posted a 33 percent jump in fiscal third-quarter earnings, powered by its LOFT brand.
For the quarter ended Oct. 29, Ann posted a profit of $32.2 million, or 62 cents a share, an improvement from $24.2 million reported a year earlier, and better than analysts estimates of 57 cents a share.
News of the expansion signals consumers are once again buying business and work related apparel, a hopeful sign for the high unemployment rate.
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