On 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.
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.