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

It predicts lower profits for the current quarter


annincOn 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,

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