"Our main focus over the next few months will be to take whatever actions are necessary to enable us to be clean from an inventory perspective as we enter the second half of the year," said Mr. Spainhour.
"Based on the first quarter and looking forward, we expect to see continued gross margin pressure in the second quarter, with improvements coming in the second half of the year as inventory levels decline each quarter and merchandise margins improve. A majority of the improvement in inventory is expected in the second half, and by the end of fiscal 2005, we anticipate consolidated inventory levels per square foot will be down in the low double-digit range.
Based on the above assumptions and previously announced planned store growth, we are comfortable that for the full year, we will report results that meet analysts' mean estimate of $1.17 per diluted share, as reported by First Call," he concluded.
Ann Taylor is one of the country's leading women's specialty retailers, operating 756 stores in 46 states, the District of Columbia and Puerto Rico, and also Online Stores at www.anntaylor.com and www.anntaylorLOFT.com as of April 30, 2005.
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