Interviews
News Flash
ANN INC reports rocketing sales in Q1, raises outlook
21 May '11
5 min read
The Company reported operating income of $45.9 million for the quarter, compared with operating income of $38.7 million in the first quarter of 2010. Net income for the first quarter was $27.3 million, or $0.51 per diluted share, compared with net income of $22.6 million, or $0.38 per diluted share in the first quarter of 2010.
The Company ended the quarter with approximately $104 million in cash and cash equivalents, following the previously-reported repurchase of approximately 4.2 million shares totaling $100 million during the fiscal first quarter of 2011.
Total inventory per square foot, excluding e-commerce, at the end of the fiscal first quarter of 2011 increased 9%, in line with our comparable sales performance, and reflected incremental inventory to support the opening of 44 factory outlet stores in the first half of fiscal 2011. Inventory per square foot increased 20% at Ann Taylor stores and declined 6% at LOFT stores.
During the first quarter of fiscal 2011, the Company opened 32 stores, comprised of three LOFT stores, 25 LOFT Outlet stores, and four Ann Taylor Factory stores. During the quarter, the company closed five LOFT stores. The total store count at the end of the fiscal first quarter was 923, comprised of 266 Ann Taylor stores, 500 LOFT stores, 96 Ann Taylor Factory stores and 61 LOFT Outlet stores.
Outlook for Fiscal Second-Quarter and Full-Year 2011
For the fiscal second quarter of 2011, the Company expects total net sales to be $550 million, reflecting a total Company comparable sales increase in the mid-single digits. Gross margin rate performance is expected to be approximately 55.5%. Selling, general and administrative expenses are estimated to be $265 million, with the increase versus last year primarily reflecting support for the Company's strategic growth initiative to accelerate factory outlet expansion in the first half of fiscal 2011, as well as the second quarter 2011 impact of 18 new LOFT outlet stores opened in the second half of fiscal 2010. Earnings per diluted share for the second quarter of 2011 is anticipated to be slightly higher than the current consensus of analyst expectations.
Click here to view more details
The Company ended the quarter with approximately $104 million in cash and cash equivalents, following the previously-reported repurchase of approximately 4.2 million shares totaling $100 million during the fiscal first quarter of 2011.
Total inventory per square foot, excluding e-commerce, at the end of the fiscal first quarter of 2011 increased 9%, in line with our comparable sales performance, and reflected incremental inventory to support the opening of 44 factory outlet stores in the first half of fiscal 2011. Inventory per square foot increased 20% at Ann Taylor stores and declined 6% at LOFT stores.
During the first quarter of fiscal 2011, the Company opened 32 stores, comprised of three LOFT stores, 25 LOFT Outlet stores, and four Ann Taylor Factory stores. During the quarter, the company closed five LOFT stores. The total store count at the end of the fiscal first quarter was 923, comprised of 266 Ann Taylor stores, 500 LOFT stores, 96 Ann Taylor Factory stores and 61 LOFT Outlet stores.
Outlook for Fiscal Second-Quarter and Full-Year 2011
For the fiscal second quarter of 2011, the Company expects total net sales to be $550 million, reflecting a total Company comparable sales increase in the mid-single digits. Gross margin rate performance is expected to be approximately 55.5%. Selling, general and administrative expenses are estimated to be $265 million, with the increase versus last year primarily reflecting support for the Company's strategic growth initiative to accelerate factory outlet expansion in the first half of fiscal 2011, as well as the second quarter 2011 impact of 18 new LOFT outlet stores opened in the second half of fiscal 2010. Earnings per diluted share for the second quarter of 2011 is anticipated to be slightly higher than the current consensus of analyst expectations.
Click here to view more details
ANN INC
Popular News
Leave your Comments
Editor’s Pick
Christian Guinet
French Textile Equipment Manufacturers’ Association (UCMTF)
Pratik Gadia
The Yarn Bazaar - Filosha Infotech Private Limited
Nailya Belkacemi
Pattern Cutting Studio Ltd
Amritha Ram
Brand - KH House of Khaddar
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
