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Ann Taylor logs 11.4% operating profits of net sales

19
May '06
AnnTaylor Stores Corporation reported its financial results for the first quarter of fiscal 2006.

For the first quarter ended April 29, 2006, net income was $39.0 million, or $0.53 per share on a diluted basis (on an average of 73.0 million shares outstanding), compared to net income of $17.0 million, or $0.24 per share on a diluted basis (on an average of 71.6 million shares outstanding) in the first quarter of fiscal 2005.

Net income for first quarter 2006 was reduced by $0.01 per share to reflect the change in recording compensation expense on stock options and other forms of equity awards in accordance with Statement of Financial Accounting Standards No. 123(R).

The Company's net sales for the quarter totaled $556.2 million, up 16.7 percent from $476.4 million for the same period last year. By division, net sales for the first quarter of fiscal 2006 were $221.5 million for Ann Taylor compared to $205.7 million last year, and $273.6 million for Ann Taylor LOFT compared to $223.4 million last year.

Comparable store sales for the first quarter of fiscal 2006 were up 5.6 percent, compared to a decrease of 3.1 percent for the first quarter of last year. By division, comparable store sales for the first quarter were up 7.4 percent for Ann Taylor compared to a 4.9 percent decrease last year, and up 4.7 percent for Ann Taylor LOFT compared to a 1.5 percent decrease last year.

Total inventory levels at the end of the first quarter were down approximately 19 percent on a per square foot basis compared to the same period last year. By division, inventory levels on a per square foot basis were down approximately 14 percent at Ann Taylor and down approximately 21 percent at Ann Taylor LOFT.


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