Ann Cuts Q4 Sales View On Soft Traffic, Tepid Consumer Spending - Quick Facts

(RTTNews) - Ann Inc. (ANN) Thursday said it expects fourth-quarter net sales to be $623 million, reflecting a comparable sales increase of 3 percent.

In late November 2013, the women's apparel retailer had forecast net sales to be about $640 million.

On average, 18 analysts polled by Thomson Reuters expect revenues of $636.44 million for the quarter.

Kay Krill, CEO, said, ''The Company's sales, gross margin and EPS for the fourth quarter of 2013 will be higher than the fourth quarter of 2012. However, soft traffic and tepid consumer spending across the industry negatively impacted us, particularly in factory outlet centers and geographic regions that experienced extreme winter weather.''

Total net sales for fiscal 2013 are now expected to be $2.493 billion, reflecting a total net sales increase of 5 percent and a comparable sales increase of 2 percent.

The previous projection was for net sales of $2.510 billion, reflecting comparable sales increase in the low-to-mid-single digits. Street is currently looking for full-year 2013 revenues of $2.51 billion.

Ann said it has entered the first quarter with clean inventories and fresh Spring product at both brands.

The company said it expects to report another year of record earnings per share, despite lower than anticipated fourth quarter performance.