By division, net sales at Ann Taylor declined 3.4% to $216.9 million in the second quarter of fiscal 2007, compared with net sales of $224.6 million in the second quarter of fiscal 2006. At LOFT, net sales declined 1.8% to $310.0 million in the second quarter of fiscal 2007, compared with net sales of $315.5 million in the second quarter of fiscal 2006.
Comparable store sales for the second quarter of fiscal 2007 declined 6.2%, compared with a comparable store sales increase of 10.3% the prior year. By division, comparable store sales at Ann Taylor declined 3.1% in the 2007 quarter, compared with an increase of 6.4% the prior year.
The performance at Ann Taylor primarily reflected the impact of sluggish traffic, softness in sweaters and insufficient color in the July store set, partially offset by continued strength in suits, dresses, and knit and woven tops.
At LOFT, comparable store sales declined 10.8% in the 2007 quarter, compared with an increase of 14.2% the prior year, continuing to reflect the impact of a product assortment that lacked the appropriate balance of updated classics, color and novelty, which the Company believes has been addressed beginning with the upcoming Fall season.
Also impacting LOFT's comparable store sales for the quarter was the soft traffic and the division's highly promotional stance throughout the quarter to keep its inventory turning.
Total inventory per square foot at the end of the second quarter of fiscal 2007 was up 4% versus year-ago, compared with the 17% decline the Company achieved in the prior year.
Click here to view more:
AnnTaylor Stores Corporation
marketing@alchempro.com
