Ann Q1 sales to fall 0.5 percent

Based on weaker-than-anticipated performance, Ann is updating its outlook for the first

fiscal quarter of 2013.

The effective tax rate for the first quarter is anticipated to be approximately 38 percent. Total company net sales are now expected to be 575 million dollars. Total company comparable sales decreased 0.5 percent compared with the first quarter of 2012.

At Ann Taylor, total brand comparable sales increased 1.9 percent, reflecting an increase of 6.2 percent at Ann Taylor, partially offset by a decrease of 5.8 percent in the Ann Taylor Factory channel. At Loft, total brand comparable sales decreased 1.9 percent, reflecting decreases of 0.9 percent at Loft and 7.9 percent at Loft Outlet.

Ann is based in New York. Kay Krill, President and Chief Executive Officer, said, "From a comparable sales standpoint, Loft had a softer-than-anticipated performance. Ann Taylor's performance reflected a more transitional wear-now assortment. Sales have improved since late April with the arrival of more seasonable temperatures, resulting in positive comparable sales at both brands."