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Ann Taylor reiterates outlook for fiscal 2008
May '08
AnnTaylor Stores Corporation reported results for the first quarter of fiscal 2008, ended May 3, 2008. Diluted earnings per share, excluding costs associated with the Company's previously-announced restructuring program, totaled $0.47, compared with earnings per diluted share of $0.46 in the first quarter of 2007.

On a GAAP basis, including the aforementioned restructuring costs, which totaled $0.04 per diluted share, earnings per diluted share were $0.43 in the first quarter of 2008. Net sales for the first quarter of 2008 advanced 2% versus year-ago.

Commenting on the results, Ann Taylor President and Chief Executive Officer Kay Krill stated, "We are pleased with our performance in the first quarter, particularly in light of the ongoing macroeconomic softness and uncertainty that is weighing on the retail sector. We are pursuing a two-pronged strategy focused on strengthening our core businesses and improving our cost structure, and this focus is clearly working."

"As we look ahead to the balance of the year, we remain cautious due to the highly volatile nature of the current economic environment, as well as our expectation for a continuation of the erratic traffic trends we are experiencing.

We believe, however, that our ability to successfully manage our cost structure and keep our inventory levels lean in this environment will continue to serve us well in the months ahead, and we are comfortable, as we head into the second quarter, that we will achieve our full-year EPS guidance in the range of $1.80 to $1.90, before restructuring costs," Ms. Krill stated.

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