Ann cutting about 100 jobs as it streamlines ops
NEW YORK (AP) — Ann Inc. announced about 100 job cuts and a weaker-than-expected outlook for the year.
The retailer also reported that fourth-quarter earnings nearly doubled, and shares edged higher in premarket trading.
Ann — whose brands include Ann Taylor and Loft — earned $4.7 million, or 10 cents per share, which was 3 cents better. That compares with $2.4 million, or 5 cents per share a year earlier.
Revenue rose 3 percent to $623.3 million from $607.7 million.
Analysts expected earnings of 7 cents per share on revenue of $624 million.
The New York company also named Gary Muto as president of Ann Inc. Brands.