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Ann Taylor expands cost-cutting plan & improve profitability
31 Jul '09
3 min read
The Company anticipates its gross margin rate for the second quarter to be in line with the gross margin rate achieved in the second quarter of 2008, while selling, general and administrative expenses are expected to reflect a slight improvement versus the previous outlook of $245 million.
As a result of stronger-than-expected sales and continued cost savings related to its strategic restructuring program, the Company expects its second-quarter earnings per diluted share, excluding restructuring and non-cash impairment costs, to be slightly better than breakeven.
The Company noted that it expects to close the fiscal second quarter with cash and cash equivalents totaling approximately $125 million, excluding any borrowings under its revolving credit facility, compared with the $112 million and $74 million in cash and cash equivalents reported at fiscal year-end 2008 and fiscal first quarter-end 2009, respectively, on the same basis.
As a result of stronger-than-expected sales and continued cost savings related to its strategic restructuring program, the Company expects its second-quarter earnings per diluted share, excluding restructuring and non-cash impairment costs, to be slightly better than breakeven.
The Company noted that it expects to close the fiscal second quarter with cash and cash equivalents totaling approximately $125 million, excluding any borrowings under its revolving credit facility, compared with the $112 million and $74 million in cash and cash equivalents reported at fiscal year-end 2008 and fiscal first quarter-end 2009, respectively, on the same basis.
AnnTaylor Stores Corporation
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