NEW YORK (TheStreet) -- Shares of Ann Inc. (ANN - Get Report) are lower by -5.10% to $36.10 on heavy volume in early afternoon trading on Thursday, after the company lowered its sales guidance for the 2014 second quarter.
The women's clothing and accessories company, which owns the Ann Taylor and LOFT brands, said it is expecting a 2.3% decline in comparable net sales to $648 million versus its previous forecast of $670 million.
"Despite positive performance through mid-June, the remainder of the second quarter proved more challenging, with soft traffic across the industry and a highly promotional environment," said Ann CEO Kay Krill.
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