This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

ANN INC. Updates Outlook For First Quarter 2013

NEW YORK, May 9, 2013 /PRNewswire/ -- ANN INC. (NYSE: ANN) today announced that, based on weaker-than-anticipated performance, the Company is updating its outlook for the fiscal first quarter of 2013.  

Based on preliminary results, the Company's first quarter outlook, provided on March 8, 2013, is being updated as follows:
  • Total Company net sales are now expected to be $575 million.
  • Total Company comparable sales decreased 0.5% compared with the first quarter of 2012.   
    • At Ann Taylor, total brand comparable sales increased 1.9%, reflecting an increase of 6.2% at Ann Taylor, partially offset by a decrease of 5.8% in the Ann Taylor Factory channel. 
    • At LOFT, total brand comparable sales decreased 1.9%, reflecting decreases of 0.9% at LOFT and 7.9% at LOFT Outlet.
  • Gross margin rate for the Company is now expected to be 55.8%, reflecting a higher-than-anticipated promotional cadence, primarily at LOFT. 
  • Selling, general and administrative expenses are now estimated to be $290 million.
  • The effective tax rate for the first quarter is anticipated to be approximately 38%.

Kay Krill, President and Chief Executive Officer, said, "In light of the unseasonably cold weather this Spring, we were more promotional than planned in order to move through warm weather product categories, particularly at LOFT. 

"From a comparable sales standpoint, LOFT's softer-than-anticipated performance reflected the breadth and depth of its warm-weather offering, combined with a challenging comparison to its strong performance in the first quarter of 2012.   Ann Taylor's performance reflected a more transitional wear-now assortment, which resonated with clients and delivered positive comparable sales growth.  In factory outlet centers, soft traffic continued to pressure comps at both Ann Taylor Factory and Loft Outlet stores, although margins remained strong in these channels.  Importantly, we entered the second quarter with very clean inventories and are well-positioned with fresh new fashion at both brands.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs