Ann Falls as Initial Results Trail Estimates on Promotions
February 02, 2012, 4:34 PM ESTBy Ashley Lutz
(Updates shares in third paragraph.)
Feb. 2 (Bloomberg) --Ann Inc., operator of Ann Taylor stores, fell in premarket trading after announcing that fourth quarter results would trail its original forecast.
Sales for the fourth quarter are estimated at $566 million the New York-based company said today in a statement. Previously, Ann forecast sales would be $580 million.
The shares tumbled 6.7 percent to $22.91 at 4 p.m. in New York. Ann fell 9.5 percent last year.
Ann is “disappointed” with fourth-quarter results and is looking to improve in 2012, said Kay Krill, chief executive officer.
The company named Brian Lynch brand president of Ann Taylor, which was the worst-performing division in the fourth quarter with a 1 percent decline in sales. Lynch was previously president of the Ann Taylor Factory and LOFT Outlet brands.
--Editors: Robin Ajello, James Callan
To contact the reporter on this story: Ashley Lutz in New York at alutz8@bloomberg.net
To contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net
