Our two-pronged strategy to focus our resources on our core businesses and improve our cost structure is clearly the right one for these times, and we believe this focus will enable us to continue to create value for our shareholders.
Furthermore, given the significant changes in the retail landscape and consumer environment over the past year, we have decided not to pursue our new concept at the present time, but we are moving forward aggressively with the launch of LOFT Outlet this summer."
Ms. Krill continued, "Despite the fact that our first quarter results are tracking ahead of our plan, and we are confident in our business strategy, we remain cautious about our outlook for the balance of the year, given the highly volatile and uncertain nature of the current economic environment.
Therefore, at this juncture, as we head into the second quarter, we are maintaining our previous EPS guidance range of $1.80 to $1.90, excluding restructuring costs, for the year." The Company will report its first quarter results on May 22, 2008.
AnnTaylor Stores Corporation
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