Women's clothes retailer Ann Inc posted a smaller quarterly profit as its struggling Ann Taylor chain had to resort to deep discounts to help move clothes and accessories.
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Ann Taylor is the company's higher-end brand, catering to a more mature clientele. The retailer sells more affordable clothes for younger women at LOFT, which has been the growth driver for the company.
For the fourth quarter ended Jan. 28 the retailer earned $2.2 million, or 4 cents a share, down from $8 million, or 14 cents last year.
Sales rose to $566.7 million from $515.3 million a year before.