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Ann Taylor reiterates full-year 2008 EPS outlook
22 Aug '08
5 min read
Total inventory per square foot at the end of the second quarter of 2008 was down 4% versus year-ago, primarily reflecting lower inventory in transit and total in-store inventory that was essentially even with year-ago. By division, in-store inventory on a per square foot basis at Ann Taylor, excluding Beauty, declined 9%. At LOFT, in-store inventory on a per square foot basis increased 3%, entirely due to earlier Fall receipts relative to the prior year.
Selling, general and administrative expenses for the second quarter of 2008 were up less than 1% to $261 million, or 44.0% of net sales, despite an 8% increase in the Company's store base versus year-ago. This compares with selling, general and administrative expenses of $259 million, or 42.2% of net sales, for the second quarter of 2007.
Tight management of expenses throughout the quarter and the benefit of ongoing restructuring program savings were essentially offset by the negative impact of deleveraging, planned investments behind the launch of LOFT Outlet and higher performance-based compensation expense.
During the second quarter of 2008, the Company recorded pre-tax restructuring charges totaling $3.1 million, reflecting $1.1 million in non-cash charges related to the additional write-down of assets associated with planned store closures and $2.0 million in cash charges related to planned store closures and other restructuring costs.
On an after-tax basis, these restructuring charges totaled $2.0 million, or approximately $0.03 per diluted share, in the second quarter of 2008. In the second quarter of 2007, pre-tax restructuring charges totaled $0.9 million related to consulting services to support the launch of the program. On an after-tax basis, restructuring charges in the second quarter of 2007 totaled $0.5 million, or less than $0.01 per diluted share.
Operating income, excluding the aforementioned pre-tax restructuring charges, was $49.7 million in the second quarter of 2008, compared with operating income of $51.9 million in the second quarter of 2007. On a GAAP basis, including restructuring costs, operating income in the second quarter of 2008 was $46.5 million, compared with operating income of $51.0 million in the second quarter of 2007.
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Selling, general and administrative expenses for the second quarter of 2008 were up less than 1% to $261 million, or 44.0% of net sales, despite an 8% increase in the Company's store base versus year-ago. This compares with selling, general and administrative expenses of $259 million, or 42.2% of net sales, for the second quarter of 2007.
Tight management of expenses throughout the quarter and the benefit of ongoing restructuring program savings were essentially offset by the negative impact of deleveraging, planned investments behind the launch of LOFT Outlet and higher performance-based compensation expense.
During the second quarter of 2008, the Company recorded pre-tax restructuring charges totaling $3.1 million, reflecting $1.1 million in non-cash charges related to the additional write-down of assets associated with planned store closures and $2.0 million in cash charges related to planned store closures and other restructuring costs.
On an after-tax basis, these restructuring charges totaled $2.0 million, or approximately $0.03 per diluted share, in the second quarter of 2008. In the second quarter of 2007, pre-tax restructuring charges totaled $0.9 million related to consulting services to support the launch of the program. On an after-tax basis, restructuring charges in the second quarter of 2007 totaled $0.5 million, or less than $0.01 per diluted share.
Operating income, excluding the aforementioned pre-tax restructuring charges, was $49.7 million in the second quarter of 2008, compared with operating income of $51.9 million in the second quarter of 2007. On a GAAP basis, including restructuring costs, operating income in the second quarter of 2008 was $46.5 million, compared with operating income of $51.0 million in the second quarter of 2007.
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AnnTaylor Stores Corporation
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