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Ann Taylor reports strong Q2 results, boosts year view

18 Aug '06
4 min read

Comparable store sales for the second quarter of fiscal 2006 were up 10.3 percent. By division, comparable store sales for the second quarter were up 6.4 percent for Ann Taylor and up 14.2 percent for Ann Taylor LOFT.

Gross margin as a percentage of net sales increased to 54.2 percent in the second quarter of fiscal 2006, compared to 47.5 percent in the second quarter of fiscal 2005.

During the second fiscal quarter, the company opened two Ann Taylor stores, six Ann Taylor LOFT stores and one Ann Taylor Factory store. Additionally, four existing Ann Taylor stores and one Ann Taylor LOFT store were closed.

For the first six months of the fiscal year, the period ended July 29th 2006, the company's net income more than tripled to $82.2 million, or $1.13 per share on a diluted basis (on an average of 72.9 million shares outstanding). This compares to net income of $24.1 million, or $0.33 per share on a diluted basis (on an average of 72.0 million shares outstanding), for the same period last year, which included a charge of $9.5 million, or $0.08 per diluted share, related to the relocation of the company's corporate offices.

Net income for the 2006 first half was reduced by $0.03 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).

Net sales for the 2006 six-month period totaled $1.2 billion, up 18.4 percent from $985.1 million in the same period last year. By division, net sales for the first half of 2006 were $446.1 million for Ann Taylor compared to $418.0 million last year, and $589.2 million for Ann Taylor LOFT compared to $468.8 million last year.

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