Aug. 17 (Bloomberg) -- Ann Inc., 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.
Ann advanced 20 percent to $33.89 at the close in New York, the highest intraday price since October 2007. The shares had gained 14 percent this year through yesterday.
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 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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