ANN: Ann Taylor Parent Beats Street, Plans 100 Job Cuts

It predicts lower profits for the current quarter

   

ANN: Ann Taylor Parent Beats Street, Plans 100 Job Cuts

anninc ANN: Ann Taylor Parent Beats Street, Plans 100 Job CutsOn Friday, ANN Inc. (ANN), owner of the Ann Taylor and LOFT women’s apparel brands, reported higher quarterly profits and announced a plan to trim its payroll. The news sent ANN stock up about 4% in morning trading.

ANN stock climbed after the company said its fourth-quarter net income rose to $4.7 million, up from $2.4 million during the year-ago period. EPS came in at 10 cents, which topped the 7 cents that Wall Street was looking for, Reuters notes.

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During the quarter, ANN posted net sales of $623.3 million, up 2.6%, but narrowly missing the $623.8 million that analysts had forecast.

Earlier this week, ANN warned that it anticipates a significantly lower profit during the current quarter. ANN noted that lower store traffic, challenging economic conditions and discounts will dent first-quarter profits. The company also said it planned to eliminate 100 jobs.

On Thursday, ANN stock closed at $34.87 per share. ANN stock has climbed about 12% over the past year.


Article printed from InvestorPlace Media, http://investorplace.com/2014/03/ann-ann-taylor-parent-beats-street-plans-100-job-cuts/.

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