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Ann Taylor achieves substantial increases in sales & profitability
14
Mar '11
AnnTaylor Stores Corporation reported results for the fiscal fourth quarter and full year of 2010, ended January 29, 2011, and provided an outlook for the first quarter and full year of fiscal 2011.

For the fiscal fourth quarter of 2010, the Company reported earnings per diluted share of $0.19, excluding after-tax restructuring charges of $0.05 per diluted share, compared with earnings per diluted share of $0.05 in the fourth quarter of 2009, excluding after-tax restructuring charges totaling $0.05 per diluted share.

On a GAAP basis, including the aforementioned restructuring charges, earnings per diluted share were $0.14 in the fourth quarter of 2010, compared with breakeven earnings per diluted share in the fourth quarter of 2009.

For the full year of fiscal 2010, the Company reported earnings per diluted share of $1.30, excluding after-tax restructuring charges of $0.06 per diluted share, compared with earnings per diluted share of $0.32 in the full year of fiscal 2009, excluding after-tax restructuring and asset impairment charges totaling $0.64 per diluted share.

On a GAAP basis, including the aforementioned restructuring and asset impairment charges, earnings per diluted share were $1.24 in fiscal 2010, compared with a net loss per diluted share of $0.32 in fiscal 2009.

Kay Krill, President and CEO, commented, "Our strong performance in the fourth quarter capped off an excellent year for our Company. For both the quarter and the fiscal year, we achieved substantial increases in sales and profitability, while positioning both the Ann Taylor and LOFT brands for continued growth.

"We delivered an 11 percent comparable sales increase for the quarter, with both brands achieving positive comparable sales performance. In fact, the Company achieved positive comparable sales in every quarter of fiscal 2010. For the quarter, diluted EPS before charges was up almost fourfold from the prior year's fourth quarter and, for the full year, diluted EPS before charges increased by nearly $1.00 per share from the $0.32 reported in fiscal 2009.

"We have also delivered on our commitment to further enhance shareholder value through the repurchase of 4.2 million shares at a total cost of $100 million in 2010 and, during the first quarter of 2011, we have repurchased an additional 4.2 million shares at a cost of $100 million. I am also pleased that our Board has voted to expand our share repurchase program by an additional $200 million, giving us nearly $260 million available for repurchase under the authorization.

"As we look to fiscal 2011, we are excited about the potential to build on our momentum. Our talented and experienced team is moving forward strategically to capitalize on the opportunities across our multiple channels, with a focus on delivering continued sales and profit growth while maintaining our exceptionally strong balance sheet.

"Finally, I am pleased to announcetoday that, in order to better reflect the multi-channel focus we have on our business, we have decided to change our corporate name from Ann Taylor Stores Corporation to ANN INC. Today, our Company is far more than a traditional 'store-based' retailer. We have two distinct brands - Ann Taylor and LOFT - each of which operates across three channels and enables us to reach our client whether she is making her purchases at our stores, online or at our factory outlet locations," stated Ms. Krill.

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AnnTaylor Stores Corporation

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