Home / Knowledge / News / Apparel/Garments / Ann Taylor reiterates full-year 2008 EPS outlook
Ann Taylor reiterates full-year 2008 EPS outlook
22
Aug '08
AnnTaylor Stores Corporation reported results for the second quarter of fiscal 2008, ended August 2, 2008. Diluted earnings per share, excluding costs associated with the Company's previously-announced restructuring program, totaled $0.54, compared with earnings per diluted share of $0.51 in the second quarter of 2007.

On a GAAP basis, including the aforementioned restructuring costs, which totaled $0.03 and $0.01 per diluted share in the second quarters of 2008 and 2007, respectively, earnings per diluted share were $0.51 in the second quarter of 2008, compared with earnings per diluted share of $0.50 in the second quarter of 2007.

Commenting on the results of the quarter, Ann Taylor President and Chief Executive Officer Kay Krill stated, "We delivered a very respectable second quarter performance, despite the impacts of significant macroeconomic softness and a deteriorating consumer environment, both of which continue to weigh on the retail sector. Our relentless focus on inventory management and expense control, along with our share repurchase program, enabled us to deliver earnings per share that exceeded year-ago."

Ms. Krill continued, "Our focus in this difficult environment continues to be on managing the business prudently and investing in strengthening our brands to position the Company for success when the economy improves. We are highly focused on evolving and modernizing the Ann Taylor brand, maximizing the potential of LOFT, and growing our factory and internet channels.

In terms of our outlook for the balance of the year, we expect conditions to remain challenging. To mitigate the anticipated softness in consumer spending, which is likely to continue to pressure our top line, we have planned our business accordingly, concentrating on managing our expenses and inventories. Thus, despite these challenges, we are reiterating our previous guidance of diluted earnings per share for the year to be in the range of $1.80-$1.90."

Fiscal Second Quarter Results:
Net sales in the second quarter of fiscal 2008 were $592.3 million, compared with net sales of $614.5 million in the second quarter of fiscal 2007. By division, net sales at Ann Taylor were $185.7 million in the second quarter of 2008, compared with net sales of $216.9 million in the second quarter of 2007. At LOFT, net sales were $299.1 million in the second quarter of 2008, compared with net sales of $310.0 million in the second quarter of 2007.

Comparable store sales for the quarter declined 10.8% versus the prior year, with Ann Taylor down 14.3% and LOFT down 8.6%. This performance primarily reflected weak traffic across all divisions, particularly at Ann Taylor, as well as some softness in key in-store metrics.

Gross margin for the second quarter of 2008 was 52.4% of net sales, an improvement of 1.8 margin points versus the 50.6% reported in the year-ago period. This performance reflected successful inventory management and good margins at all divisions.


Must ReadView All

Apparel/Garments | On 26th Sep 2017

US raises annual AGOA quota for textiles

The US Committee for the Implementation of Textile Agreements has...

Textiles | On 26th Sep 2017

Gujarat hopes extended textile policy to attract Rs 5000 cr

The Gujarat government feels that its recent decision to extend its...

Apparel/Garments | On 26th Sep 2017

Cash burn by e-tailers in India may double during festivals

During this year’s festival season, which has already started,...

Interviews View All

Headhonchos
Indian textile value chain

'One nation, one tax' is a great concept

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
75.0%
No
12.5%
Skip
12.5%

Total Votes: 48

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.5%
No
25.0%
Skip
12.5%

Total Votes: 48

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.5%
No
6.3%
Skip
6.3%

Total Votes: 48

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.8%
No
10.4%
Skip
18.8%

Total Votes: 48


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search