Operating profit was 5.8 percent of net sales in the first quarter of fiscal 2005 compared to 12.4 percent of net sales in the first quarter of last year.
During the first fiscal quarter, the Company opened three Ann Taylor stores, 15 Ann Taylor LOFT stores and two Ann Taylor Factory stores. Additionally, two existing Ann Taylor stores were closed. The total store count at month end was 756, comprised of 360 Ann Taylor stores, 358 Ann Taylor LOFT stores and 38 Ann Taylor Factory stores.
Total store square footage increased 14.6 percent to 4,317,000 square feet as of April 30, 2005, from 3,768,000 square feet as of May 1, 2004. Total square footage by division at the end of the first quarter was 1,894,000 square feet for Ann Taylor and 2,095,000 square feet for Ann Taylor LOFT.
During the quarter, the Company purchased 300,000 shares of its common stock at a cost of approximately $7,400,000. Of the $100,000,000 securities repurchase program approved by the Company's Board of Directors in August 2004, approximately $42,700,000 remains.
As previously announced, the Company expects to complete the move to its new headquarters in Times Square Tower in New York City this June, and will record a one-time write off of approximately $10.1 million (approximately $0.08 - $0.09 per share on a diluted basis) in the second quarter for lease costs related to the existing corporate offices at 142 West 57th Street in New York City upon cessatid to the existing corporate offices at 142 West 57th Street in New York City upon cessation of use. The related lease is scheduled to expire in September 2006.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
