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Ann Taylor reiterates outlook for fiscal 2008
23 May '08
3 min read
First Quarter Results:
Net sales in the first quarter of fiscal 2008 advanced 2.0% to $591.7 million, compared with net sales of $580.3 million in the first quarter of fiscal 2007. This performance was primarily driven by growth from the LOFT division and, to a lesser extent, our Factory and Internet businesses, partially offset by softness at the Ann Taylor division.
Specifically, net sales at Ann Taylor were $197.6 million in the first quarter of fiscal 2008, compared with net sales of $222.2 million in the first quarter of fiscal 2007. At LOFT, net sales were $295.0 million in the first quarter of fiscal 2008, compared with net sales of $274.3 million in the first quarter of fiscal 2007.
Comparable store sales for the quarter declined 4.3% versus the prior year. By division, comparable store sales at Ann Taylor declined 11.5%, while comparable store sales at LOFT increased 0.7%. Weak traffic trends at both divisions weighed on top-line results, although strong in-store metrics and positive client response to product assortments at LOFT helped to offset the soft traffic.
For the first quarter of fiscal 2008, despite the difficult macroeconomic conditions and a highly promotional retail environment, the Company achieved a gross margin of 53.2%, as a percentage of sales, compared with a gross margin of 53.6% in the year-ago period.
This performance reflected strong gross margin results at LOFT and Factory, stemming from successful inventory management and strong product assortments, offset by gross margin softness at Ann Taylor, reflecting a product assortment that lacked the fashion newness clients are currently seeking.
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Net sales in the first quarter of fiscal 2008 advanced 2.0% to $591.7 million, compared with net sales of $580.3 million in the first quarter of fiscal 2007. This performance was primarily driven by growth from the LOFT division and, to a lesser extent, our Factory and Internet businesses, partially offset by softness at the Ann Taylor division.
Specifically, net sales at Ann Taylor were $197.6 million in the first quarter of fiscal 2008, compared with net sales of $222.2 million in the first quarter of fiscal 2007. At LOFT, net sales were $295.0 million in the first quarter of fiscal 2008, compared with net sales of $274.3 million in the first quarter of fiscal 2007.
Comparable store sales for the quarter declined 4.3% versus the prior year. By division, comparable store sales at Ann Taylor declined 11.5%, while comparable store sales at LOFT increased 0.7%. Weak traffic trends at both divisions weighed on top-line results, although strong in-store metrics and positive client response to product assortments at LOFT helped to offset the soft traffic.
For the first quarter of fiscal 2008, despite the difficult macroeconomic conditions and a highly promotional retail environment, the Company achieved a gross margin of 53.2%, as a percentage of sales, compared with a gross margin of 53.6% in the year-ago period.
This performance reflected strong gross margin results at LOFT and Factory, stemming from successful inventory management and strong product assortments, offset by gross margin softness at Ann Taylor, reflecting a product assortment that lacked the fashion newness clients are currently seeking.
Click here to view more:
AnnTaylor Stores Corporation
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