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Amazing fourth quarter for ANN INC
12
Mar '12
ANN INC reported results for the fiscal fourth quarter and full year of 2011, ended January 28, 2012. The Company also provided its outlook for the first quarter and full year of fiscal 2012.

For the fiscal fourth quarter of 2011, the Company reported earnings per diluted share of $0.10, excluding $0.06 per diluted share in after-tax charges associated with its previously announced management realignment, compared with earnings per diluted share of $0.19 in the fourth quarter of 2010, excluding after-tax restructuring charges of $0.05 per diluted share.

On a GAAP basis, including the aforementioned charges, earnings per diluted share were $0.04 in the fourth quarter of 2011, compared with $0.14 in the fourth quarter of 2010.

For the full year of fiscal 2011, the Company reported earnings per diluted share of $1.70, excluding $0.06 per diluted share in after-tax management realignment charges, an increase of 31% compared with earnings per diluted share of $1.30 in the full year of fiscal 2010, excluding after-tax restructuring charges totaling $0.06 per diluted share. On a GAAP basis, including the aforementioned management realignment and restructuring charges, earnings per diluted share were $1.64 in fiscal 2011, compared with $1.24 per diluted share in fiscal 2010.

Kay Krill, President and CEO commented, "For 2011, ANN INC. delivered another year of significant profitable growth, reflecting double digit increases in sales, net income and earnings per diluted share. Total net sales for the year rose 12 percent, with net income, excluding charges, up 17 percent and diluted earnings per share, excluding charges, up 31 percent. During 2011, we also delivered on our commitment to further enhance shareholder value through the repurchase of 7.3 million shares, or nearly 15 percent of our outstanding shares.

"For the fourth quarter, the Company delivered a ten percent increase in total net sales. However, our overall bottom-line results were impacted by significantly higher-than-anticipated promotional activity in the Ann Taylor stores channel."

"Our LOFT brand delivered outstanding results across all three channels. We achieved very positive client response to LOFT's product offering in LOFT stores, as well as in our e-commerce and outlet channels during the quarter."

"Looking ahead to 2012, we are focused on continuing LOFT's strong momentum as well as improving the sales productivity and profitability at Ann Taylor stores. We will continue to aggressively manage all operational aspects of the business, while remaining focused on accelerating our strategic growth initiatives that are expected to benefit this year and beyond."

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