UPDATE: Ann Posts Rise In Q4 Earnings, Plans To Lower 100 Jobs

Ann (NYSE: ANN) reported a rise in its fourth-quarter earnings and issued a downbeat forecast for the year. The company also announced its plans to lower about 100 jobs.

Ann's quarterly earnings surged to $4.7 million, or $0.10 per share, from $2.4 million, or $0.05 per share, in the year-ago period.

Its revenue climbed 3% to $623.3 million versus $607.7 million. However, analysts were estimating earnings of $0.07 per share on revenue of $624 million.

Ann appointed Gary Muto as president of Ann Inc. Brands.

Ann shares closed at $34.87 yesterday.