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ANN, Inc. (ANN) Tops Q2 EPS by 2c; Comps Fell 2.3%

August 22, 2014 7:31 AM EDT

ANN, Inc. (NYSE: ANN) reported Q2 EPS of $0.70, $0.02 better than the analyst estimate of $0.68. Revenue for the quarter came in at $648.7 million versus the consensus estimate of $648.1 million.

Total Company comparable sales for the quarter decreased 2.3% versus the second quarter of 2013. At Ann Taylor, total brand comparable sales increased 0.7%, reflecting an increase of 2.0% at Ann Taylor, partially offset by a decline of 1.9% in the Ann Taylor Factory channel.

Kay Krill, President and Chief Executive Officer, commented, "Our results for the quarter were slightly better than the outlook we provided earlier this month. As previously reported, while the quarter had started on a positive note with solid momentum through mid-June, the second half of the period proved challenging, as softer traffic levels and a highly promotional environment pressured sales and margin. In addition, LOFT experienced continued softness in basic knit tops, which represented a significant component of its summer assortment.

"We have entered the third quarter with fresh fall fashion and clean inventory levels at both brands. While the environment has been choppy this year, both Ann Taylor and LOFT will be offering her great feminine fashion and outstanding value to meet all of her wardrobing needs for the Fall season."

ANN, Inc. sees FY2014 revenue of $2.56 billion, versus the consensus of $2.56 billion. Comps expected to be flat.

ANN, Inc. sees Q3 2014 revenue of $670 million, versus the consensus of $673.3 million. Comps expected to be flat-to-slightly negative.

For earnings history and earnings-related data on ANN, Inc. (ANN) click here.



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