NEW YORK (TheStreet) -- Shares of Ann Inc. (ANN) are down -5.05% to $36.85 after the specialty women's retailer lowered its sales guidance for the year amid soft traffic and continued promotions, while its fiscal second quarter sales just beat the downbeat guidance the retailer offered earlier this month, the Wall Street Journal reports.
The company's earnings beat analysts' projections.
Ann cut its fiscal 2014 sales guidance to $2.56 billion from its previous call of $2.61 billion, and expects sales at existing locations to be flat, compared with its previous outlook of growth in the low single digits.
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For the quarter, the company reported profit of $32.7 million, or 70 cents per share, down from $35.6 million, or 76 cents per share, a year ago. Analysts expected 68 cents a share in profit, according to Thomson Reuters.
Net sales were up 1.6% to $648.7 million, just above its $648 million projection earlier this month.
Overall same-store sales declined 2.3%, in line with the company's projection.
For the current period, the company said it expects to post $670 million in sales, reflecting flat to slightly negative same-store sales. Analysts polled by Thomson Reuters projected $673 million in sales.
TheStreet Ratings team rates ANN INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation: