AnnTaylor Stores Corporation reported its results for the second quarter of fiscal 2007 ended August 4, 2007. Net sales for the quarter advanced approximately 1% to $614 million, and diluted earnings per share for the quarter totaled $0.50. The Company also reaffirmed its outlook for diluted earnings per share in the range of $2.15 to $2.25 for the full year of fiscal 2007.
Commenting on the results, Ann Taylor President & Chief Executive Officer Kay Krill stated, "The second quarter proved to be challenging for the Company, although I am pleased with how well we have managed through the current macro-economic conditions."
"While persistent traffic softness and some product-specific issues at both divisions caused us to be promotional during the quarter, our Ann Taylor division was successful in maintaining good margins, and our LOFT division aggressively moved through units to end the quarter in a healthy inventory position. Both divisions are heading into Fall with brand appropriate product assortments and positioned to deliver what we expect to be a good second half. We remain confident in our outlook for the year."
Second Quarter Results:
Net sales for the second quarter of fiscal 2007 ended August 4, 2007 advanced 0.7% to $614.5 million, compared with net sales of $610.0 million in the second quarter of fiscal 2006 ended July 29, 2006. This performance reflected expansion of the Company's store base and continued growth of the Company's Factory and internet businesses, partially offset by a decline in comparable store sales.
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