Ann Falls as Initial Results Trail Estimates on Promotions
Feb. 2 (Bloomberg) --Ann Inc. (ANN), 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.
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
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