Ann Inc. Q2 tops estimates as Ann Taylor, Loft fuel sales
New York -- Ann Inc. reported that its second quarter net income rose a better-than-expected 16% to $35.6 million, with strong performances from both its Ann Taylor and Loft banners. Similar to many other retailers in recent weeks, the chain trimmed its full-year revenue forecast.
Revenue for the period ended Aug. 3 increased 7% to $638.2 million.
Same-store sales rose 2.8%, with a 3.1% rise at Ann Taylor and a 2.5% lift at Loft.
The company's board also approved a new $250 million buyback following the completion of a $600 million repurchase program.