New York City -- Ann Inc., formerly known as Ann Taylor, reported a 33.4% rise in quarterly net income to $32.3 million, beating analysts’ estimates.
The company’s performance was boosted by strong demand for its Loft brand, where same-store sales rose 7.9%. Same-store sales rose 2.5% at Ann Taylor. Comp-sales were up 45.8% in the Ann Taylor e-commerce channel and 1.8% in the Ann Taylor Factory channel. Total same-store sales were up 5.5%.
"Compelling product and effective marketing drove significantly higher sales and profitability across all Loft channels," said CEO Kay Krill said in a statement
Total net sales for the third quarter of fiscal 2011, ended Oct. 29, were $564.0 million, compared with net sales of $505.3 million in the year-ago period.