Ann Taylor Stores Corporation reported results for the fiscal first quarter ended May 1, 2010, and commented on its outlook for the second quarter and fiscal year 2010.
For the first quarter of 2010, the Company reported earnings per diluted share of $0.38 on both a GAAP and operating basis. This compares with a first quarter 2009 loss per diluted share of $0.04 on a GAAP basis, and a first quarter 2009 operating loss per diluted share of $0.03, excluding an after-tax restructuring charge of $0.01 per share.
Kay Krill, President and Chief Executive Officer, commented, "Fiscal 2010 is off to an excellent start, with both Ann Taylor and LOFT achieving outstanding results for the first quarter. A substantial uptick in sales, including double-digit comparable sales increases at both brands, and a strong gross margin rate drove the dramatic improvement over year-ago results. Clients responded positively to our Spring collections at both brands, and we were pleased with the increased traffic levels and improved in-store metrics during the quarter.
"We will continue to position both brands to deliver profitable sales growth in 2010. At the same time, we will remain focused on delivering strong gross margin while managing our inventory levels to support expected top-line growth. We are excited about our first quarter results at both brands and look forward to building on our progress for the balance of the year," said Ms. Krill.
Fiscal 2010 First Quarter Results
Ms. Krill continued, "Beginning this quarter, we are providing enhanced transparency on our sales results by brand and channel. This approach best reflects how we and, frankly our clients, view our business - as two brands, each with three channels - a view that we believe will strengthen over time as we create a more seamless multi-channel brand experience for our clients."
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Ann Taylor Stores Corporation
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