Ann Taylor’s (ANN) Q4 Profit Beats Expectations; Weak Outlook

Ann Taylor Stores Corp. (NYSE: ANN) reported a net income of $41 million in Q4(nil per share), compared to a loss of $375.6 million ($6.66 per share), a year earlier. Adjusted net income was 5 cents per share beating analysts’ expectations of a loss of 1 cent per share.

Net sales fell 3% to $469.1 million. The company forecasts Q1 sales of $445 million, above the average analyst estimate of $443.7 million. For the full year, AnnTaylor expects total sales to rise. It expects total store square footage to decline 3% this year, as it plans to close about 72 stores and open 30. The company remains cautious about spending this spring.