ANN Posts Higher Q2 Profit; Revises FY13 Sales View - Quick Facts

(RTTNews) - Women's apparel retailer Ann Inc. (ANN) reported a rise in second-quarter 2013 net income to $35.65 million, or $0.76 per share, from $30.74 million, or $0.63 per share in the second quarter of 2012. On average, 18 analysts polled by Thomson Reuters expected earnings per share of $0.65 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly total net sales reached $638.2 million, up from the prior year's $594.9 million a year ago. Analysts estimated revenues of $639.38 million for the quarter. By brand, net sales across all channels of the Ann Taylor brand totaled $245.2 million in the recent period, versus last year's net sales of $233.3 million. Total company comparable sales for the three-month period rose 2.8% year-over-year.

For the fiscal third quarter of 2013, the firm expects total net sales to be $655 million, reflecting a total company comparable sales growth in the mid-single digits; while 17 analysts anticipate third-quarter sales of $659.31 million.

In addition, ANN currently expects fiscal 2013 total net sales to be $2.515 billion, reflecting a total company comparable sales increase in the mid-single digits. Analysts project annual sales of $2.53 billion.

The company said in a statement, "Looking ahead, both brands are well-positioned to drive top-line growth and strong profitability in the second half of the year. In addition, we are continuing to benefit from the positive impact of our strategic growth initiatives, which are providing us both near-term and long-term growth opportunities. Overall, we are on track to deliver record earnings per share for ANN INC. this year."