Ann Q3 Profit Declines; Backs FY14 Sales Outlook - Quick Facts

(RTTNews) - Women's apparel retailer Ann Inc. (ANN) posted third-quarter net income of $29.9 million or $0.65 per share, down from $41.2 million or $0.89 per share in the comparable quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.68 per share for the quarter. Analysts' estimates typically exclude special items.

Total net sales for the latest third quarter were $646.81 million, compared with $657.53 million last year, while 17 analysts expected revenues of $648.27 million for the quarter.

Total Company comparable sales for the latest quarter decreased 4.3%. At Ann Taylor, total brand comparable sales decreased 6.6%, reflecting an decrease of 4.8% at Ann Taylor, which includes sales results at both Ann Taylor stores and anntaylor.com, and a decline of 10.4% in the Ann Taylor Factory channel.

Looking ahead to the fourth quarter, the company reiterated its previously provided outlook and expects total net sales to be $630 million, reflecting a comparable sales decline in the low-single digits. Wall Street expects revenues of $628.88 million for the fourth-quarter.

For fiscal 2014, the company continues to expect total net sales of $2.516 billion, reflecting a total company comparable sales decline in the low-single digits. Wall Street expects revenues of $2.52 billion for fiscal 2014.