Shares of Ann rose 8 percent Friday. The women’s clothing retailer reported that its earnings nearly doubled in the fourth quarter and that it’s taking steps to streamline operations.
For the three months ended Feb. 1, Ann earned $4.7 million, or 10 cents per share. That compares with $2.4 million, or 5 cents per share, a year earlier.
The performance beat the 7 cents per share that analysts surveyed by FactSet expected.
Revenue rose 3 percent to $623.3 million from $607.7 million, but fell a bit short of Wall Street's $624 million estimate. Sales improved at Loft during the quarter, but softened at Ann Taylor.
Ann also said it is cutting 100 jobs, about 10 percent of its corporate workforce, as part of a realignment that is expected to result in annual operating savings of about $25 million.Associated Press
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