ANN INC registers double digit growth in Q2 earnings
25 Aug '11
2 min read
ANN INC reported results for the fiscal second quarter of 2011, ended July 30, 2011. The Company also provided its outlook for the third quarter and full year of fiscal 2011.
For the fiscal second quarter of 2011, the Company reported earnings per diluted share of $0.47, compared with earnings per diluted share of $0.31 in the second quarter of 2010.
Kay Krill, President and CEO, commented, "With our second quarter results, ANN INC. delivered an eighth consecutive quarter of double digit growth in earnings and diluted earnings per share. Our results reflect strong performance at the LOFT brand across all channels for the quarter, as clients responded to the assortment of feminine basics and fashion at great value. We also delivered solid results in the Ann Taylor brand, with strong performance in the e-commerce and factory channels and positive, but softer-than-expected, performance in the stores channel.
"During the second quarter, we continued to expand our presence in highly profitable channels through the addition of 12 factory outlet stores and the successful transition of both brands to a new e-commerce platform, which will enable accelerated growth in this important channel. Looking ahead to the third quarter, we are pleased by client response to our new pre-Fall product assortments, and we fully expect to deliver positive comparable sales performance at both brands in all channels."
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