Ann Taylor returns to profitability in first quarter
| Ann Taylor returns to profitability in the first quarter Women's clothing retailer Ann Taylor Stores Corp (ANN) said it returned to profitability in the first quarter, mainly due to strong performance at its namesake stores and Ann Taylor Loft stores, as well as more full-price sales. President and CEO Kay Krill said shoppers responded well to spring merchandise and traffic improved. The company turned to a profit of $22.6 million, or 38 cents per share, in the quarter ended May 1, from a loss of $2.31 million, or 4 cents per share, in the same period last year. Quarterly revenue increased 12% to $476 million from $427 million in the same period last year. Analysts surveyed by Thomson Reuters expected the company to earn 35 cents per share and revenue of $475 million in the quarter. Ann Taylor said same-store sales increased 14.1% in the first quarter. Among them, same-store sales at namesake stores increased 16.4%; Loft stores increased 12.5%. Inventory per square foot fell 2.3%. Ann Taylor expects second-quarter revenue of about $500 million and same-store sales growth of at least 10%. For fiscal 2010, the company expects revenue of $1.95 billion to $1.98 billion, with same-store sales growth at both its stores and Loft stores. Analysts on average expect the company to have second-quarter revenue of $503 million and full-year revenue of $1.96 billion. As of the end of the first quarter, Ann Taylor had 903 stores in 46 states, Washington, D.C., and Puerto Rico. |
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