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.
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.
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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.