Ann Inc. (ANN:US), owner of the Ann Taylor and LOFT clothing brands, rose to the highest since 2007 after reporting profit that beat analysts’ estimates and raising its full-year revenue forecast.
Chief Executive Officer Kay Krill has sought to draw shoppers with smaller stores and less expensive clothing. Sales in the second quarter rose 6.6 percent to $594.9 million, the New York-based company said in a statement today.
Net income in the quarter ended July 28 jumped 24 percent to $30.7 million, or 63 cents a share, from $24.8 million, or 47 cents, a year earlier, Ann said today. Analysts projected 51 cents, the average of estimates (ANN:US) compiled by Bloomberg.
Revenue for the year will rise to $2.39 billion, compared with a previous estimate of $2.38 billion, Ann said. Analysts had projected $2.38 billion, the average of 15 estimates compiled by Bloomberg.
Ann, which also owns factory and outlet locations, had 962 retail stores as of July 28.
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