Ann Taylor's operating sales up 5.8% for Q1 2005

19 May '05

7 min read

Leading women's specialty retailer Ann Taylor reports for Q1 2005.

AnnTaylor Stores Corporation reports net income for the first quarter ended April 30, 2005 of $16,971,000, or $0.24 per share on a diluted basis (on an average of 71.6 million shares outstanding), compared to a net income of $31,746,000, or $0.43 per share on a diluted basis (on an average of 75.1 million shares outstanding) in the first quarter of fiscal 2004. Results for first quarter of fiscal 2004, which ended May 1, 2004, have been restated in connection with the Company's review of lease accounting transactions.

As previously reported, the Company's net sales for the quarter totaled $476,446,000, up 10.0 percent from $433,246,000 for the same period last year. By division, net sales for the first quarter of fiscal 2005 were $205,738,000 for Ann Taylor compared to $213,424,000 last year, and $223,404,000 for Ann Taylor LOFT compared to $185,387,000 last year. Comparable store sales for the first quarter of fiscal 2005 were down 3.1 percent, compared to an increase of 11.9 percent for the first quarter of last year. By division, comparable store sales for the first quarter were down 4.9 percent for Ann Taylor compared to a 4.2 percent increase last year, and down 1.5 percent for Ann Taylor LOFT compared to a 24.8 percent increase last year.

Ann Taylor Chairman J. Patrick Spainhour said, "While overall our performance was lower than expected, I am encouraged by the progress we are making in revitalizing our Ann Taylor division and positioning the company as a whole for long-term growth. LOFT had a disappointing first quarter, and while the unseasonably cool spring weather in our Eastern and Western regions worked against us, we realize that we planned and bought LOFT's business too aggressively. Our results should improve as we gradually work through our inventory position and achieve a healthier balance of full-price sales."

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