ANN Inc. (ANN: Quote), the parent company of women's specialty retail fashion brands Ann Taylor and LOFT, posted a plunge in first-quarter 2014 GAAP net income to $5.2 million, or $0.11 per share, from $20.9 million, or $0.44 per share, last year.
Excluding the effect of the restructuring charge, the firm made a profit of $15.4 million, or $0.33 per share, in the 2014 first quarter. On average, 20 analysts polled by Thomson Reuters expected earnings per share of $0.31 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly total net sales came in at $590.6 million, an increase, compared with $574.51 million in the first quarter of fiscal 2013. Analysts estimated revenues of $598.25 million for the quarter. By brand, net sales across all channels of the Ann Taylor brand totaled $219.9 million in the recent quarter, versus the prior year's $219.3 million.
In addition, the firm issued its second-quarter outlook, expecting total net sales to be $670 million, reflecting a total company comparable sales increase in the low-single digits; while 18 analysts project sales of $668.95 million.
For fiscal 2014, Ann now estimates net sales to be $2.610 billion, reflecting a total company comparable sales increase in the low-single digits. Earlier, fiscal 2014 total net sales were anticipated to be $2.615 billion. Analysts project annual sales of $2.61 billion.
by RTT Staff Writer
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