ANN Inc. (ANN) reported that net income for the first quarter of fiscal 2013 declined to $20.9 million, or $0.44 per share, from $28.7 million, or $0.58 per share in the first quarter of 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.42 per share for the quarter. Analysts' estimates typically exclude special items.
Total net sales for the first quarter were $574.5 million, up from $560.4 million in the first quarter of fiscal 2012. Fourteen analysts had consensus revenue estimate of $580.54million for the quarter. Total Company comparable sales for the quarter decreased 0.5% versus the first quarter of 2012.
For the fiscal second quarter of 2013, the company expects total net sales to be $640 million, reflecting a total company comparable sales increase in the mid-single digits. Fourteen analysts have consensus revenue estimate of $637.44 million for the second-quarter.
The company currently expects fiscal 2013 total net sales to be $2.54 billion, reflecting a total Company comparable sales increase in the mid-single digits. Previously, the company had expected total net sales for fiscal 2013 to be $2.565 billion, reflecting a total comparable sales increase in the mid-single digits. Analysts expect the company to report revenues of $2.52 billion for fiscal 2013.
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