Ann Inc. names new president for Ann Taylor division amid slumping sales
New York City -- Ann Inc. said that the president of its Ann Taylor brand, Christine Beauchamp, is leaving to pursue other opportunities. She will be replaced by Brian Lynch, who had been president of the Ann Taylor Factory and Loft Outlet divisions and led the website sales for those brands.
The news came as the chain cut its revenue prediction for the quarter that ended in January to a level below analyst expectations, citing slumping sales at its Ann Taylor stores.
The company said Thursday that it now expects revenue of $566 million for the November-January quarter, which makes up the key holiday selling period. In mid-November, it had predicted revenue of $580 million for its fiscal fourth quarter.
Online revenue and same-store sales rose 5% in the November-January period from the year before. However, the metric fell 11% at Ann Taylor stores. The measure rose 28% at Ann Taylor's website and 6% in the brand's factory stores.