AnnTaylor Stores

(ANN)

reported net income for the first quarter of almost $17 million, or 24 cents a share, and the apparel retailer said it expects to meet analysts' profit estimates for the full fiscal year.

In the year-ago first quarter, the company earned $31.7 million, or 43 cents a share. Results for the first quarter of fiscal 2004 have been restated in connection with the company's review of lease accounting transactions. The company's earnings for the latest first quarter met expectations.

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Net sales for the quarter totaled $476.4 million, up 10% from $433.2 million for the same period last year.

AnnTaylor said it expects to meet Wall Street's consensus earnings estimate of $1.17 a share for the fiscal year.