Ann provides Q4 update

Ann (ANN) tips off that Q4 results came in below expectations as "tepid" consumer spending hit cold-weather regions of the U.S.

The retailer says total sales for the quarter are expected to be $623M on a 3% increase in comp sales.

Gross margin rate is forecast to be 49.2% for the period.

ANN +0.5% premarket as investors were already factoring in a slowdown for the period. The company's disclosure on "clean" inventory heading into spring is a bit of good news.

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