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Ann Taylor Stores

Ann Taylor 2Q Profit Rises 16%, Tops Estimates

Benefiting from robust demand at its Loft stores, Ann Inc. (NYSE:ANN) posted a stronger-than-expected 16% increase in second quarter profit on Friday, but narrowed its full-year revenue outlook. The New York-based women's fashion retailer also approved of a new $250 million stock buyback after it completed an earlier $600 million one last quarter. Ann reported net income of $35.6 million, or 76 cents a share, compared with a year-earlier profit of $30.7 million, or 63 cents. The results topped average analyst estimates of 65 cents in a Thomson Reuters poll.Sales for the three-month period were $638.2 million, up 7% from $594.9 million a year ago, mostly in line with the $639 million predicated on the Street.Revenue at the Loft brand exceeded sales at its Ann Taylor stores, reaching $393 million, while same-store sales, a key growth metric for retailers measuring sales at stores open longer than a year, increased 2.8%."I am especially pleased to report that both Ann Taylor and LOFT achi...

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