Ann Inc. Tops 1Q Profit Forecasts

NEW YORK, United States — Ann Inc. (ANN) on Friday reported fiscal first-quarter profit of $13.6 million.

The New York-based company said it had profit of 29 cents per share. Earnings, adjusted for restructuring costs, came to 37 cents per share.

The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.

The women's apparel retailer posted revenue of $597.7 million in the period, which fell short of Street forecasts. Eight analysts surveyed by Zacks expected $606.4 million.

For the current quarter ending in July, Ann Inc. said it expects revenue in the range of $660 million.

The company expects full-year revenue of $2.56 billion.

Ann Inc. shares have increased 29 percent since the beginning of the year. The stock has risen 22 percent in the last 12 months.