UPDATE: Ann Posts Upbeat Q2 Profit

Ann

reported a 16% rise in its second-quarter net income. Ann's quarterly profit surged to $35.6 million, or $0.76 per share, from $30.7 million, or $0.63 per share, in the year-ago period. However, analysts were expecting earnings of $0.65 per share. Its revenue rose 7% to $638.2 million from $594.9 million, versus analysts' estimates of $639.7 million. Its same-store sales climbed 2.8%. Ann now expects full-year revenue of around $2.52 billion, versus its earlier forecast of $2.54 billion. It projects Q3 revenue of $655 million. However, analysts had estimated full-year revenue of $2.53 billion and Q3 revenue of $659.1 million. Ann shares gained 2.67% to $33.50 in pre-market trading.