AnnTaylor Stores Corporation announced its sales results for the month of July 2007.
For the four-week period ended August 4, 2007, net sales increased 2.8% to $161.0 million, compared with net sales of $156.7 million for the four-week period ended July 29, 2006. By division, net sales for Ann Taylor decreased 2.7% to $57.1 million in July 2007, compared with net sales of $58.7 million in July 2006.
For Ann Taylor LOFT, net sales increased 0.3% to $80.4 million in July 2007, compared with net sales of $80.2 million in July 2006.
Comparable store sales for the July 2007 period decreased 5.0%, versus a comparable store sales gain of 5.1% in the July 2006 period. By division, comparable store sales for Ann Taylor declined 2.5% in the 2007 period, compared with an increase of 1.4% the prior year. For Ann Taylor LOFT, comparable store sales declined 9.3% in July 2007, compared with an increase of 8.3% the prior year.
Commenting on the Company's sales results, Ann Taylor President & Chief Executive Officer Kay Krill stated, "Our results in July were impacted by traffic softness, a highly promotional retail environment, and some remaining product issues at LOFT. We have been very aggressive promotionally to keep our inventories turning, and we believe we are heading into the third quarter in a good position overall."
"At Ann Taylor, our results for the month reflected some softness from the July store-set, which was too neutral in color but which sold well on initial mark-down. At LOFT, we have effectively managed the business through a tough first half, and we are heading into Fall in a healthy inventory position and with a product assortment that we believe reflects the appropriate balance of color, updated classics and fashion."
Commenting on the Company's outlook, Ms. Krill continued, "We are aggressively managing the business through this period of macro-economic softness and, while we continue to believe that we are positioned for a good Fall season, we are prudently planning our business for an uncertain second half. In this context, we continue to believe we will achieve EPS for the year in the range of $2.15 to $2.25."
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