Margin crunch at Ann

Ann (ANN) reports comparable-store sales fell 1.8% in FQ1.

Sales by brand: Ann Taylor $150.7M; Ann Taylor Factory $69M; Loft $306M; Loft Outlet $64M.

The company's gross margin rate dropped 240 bps to 53.4% due to a higher level of promotions at Loft and an increased mix of factory outlet channels.

Store count +43 to 1,032.

Guidance for FY14 revenue is set at $2.61B vs. $2.62B consensus.

ANN +4.3% premarket. Shares had dropped over the last two sessions on earnings anxiety.

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