Apparel retailer Ann Taylor Stores Corporation has reported its financial results for the fourth quarter and fiscal year 2005.
Kay Krill, President & CEO of Ann Taylor, said, "The fourth quarter capped off a year of positive change for our Company. We saw dramatic improvement in sales, gross margin and earnings in the second half of the year, while operating profit as a percentage of sales increased significantly, from 3.8 percent in the first half to 8.6 percent in the second half."
The net income for the fourth quarter ended January 28th 2006 was $27.4 million compared to net loss of $12.5 million for the fourth quarter ended January 29th 2005.
As previously announced, total net sales for the fourth quarter were $574.0 million, up 17.8 percent from $487.4 million last year. By division, net sales were $245.9 million for Ann Taylor compared to $220.2 million last year, and $271.3 million for Ann Taylor LOFT compared to $217.2 million last year.
Same store sales for the fourth quarter increased 6.8 percent compared to a 4.0 percent decrease last year. By division, same store sales increased 9.8 percent for Ann Taylor compared to a decrease of 10.1 percent last year, and increased 5.5 percent for Ann Taylor LOFT compared to a 3.2 percent increase last year.
Gross margin, as a percentage of net sales, increased to 51.0 percent in the fourth quarter of fiscal 2005, compared to 43.0 percent in the fourth quarter of fiscal 2004. The increase in gross margin as a percentage of net sales was primarily due to higher full-price sales and less promotional sales activity at Ann Taylor.
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