UPDATE: Ann Posts 27% Drop In Q1 Profit, Lowers Full-Year Forecast
Ann (NYSE: ANN) reported a 27% drop in its fiscal first-quarter earnings and cut its forecast for the year.
Ann now projects full-year net sales of about $2.54 billion, compared to its earlier outlook of $2.57 billion. For the current quarter, it estimates revenue of $640 million, versus analysts' estimates of $637 million.
Ann's quarterly profit fell to $20.9 million, or $0.44 per share, from $28.7 million, or $0.58 per share, in the year-ago period. However, analysts were expecting earnings of $0.42 per share.
Its sales climbed 2.5% to $574.5 million, while gross margin declined to 55.8% from 56.6%.
Ann shares gained 3.77% to $32.24 in pre-market trading.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.