Ann Taylor declares Q2 earnings, gross margins drop 47.5%
20 Aug '05
4 min read
Selling, general and administrative expenses as a percentage of net sales increased to 45.4 percent for the spring 2005 season compared to 44.1 percent for the same period last year. The increase in selling, general and administrative expenses as a percentage of net sales was primarily due to the one-time charge related to the relocation of the Company's corporate headquarters combined with an overall deleveraging of expenses due to the decrease in comparable store sales, partially offset by a decrease in the provision for management performance bonus.
During the second fiscal quarter of 2005, the Company purchased 375,000 shares of its common stock at a cost of approximately $9,300,000.
Ann Taylor is one of the country's leading women's specialty retailers, operating 782 stores in 46 states, the District of Columbia and Puerto Rico.
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