Ann Taylor BOD authorizes $300 mn share repurchase program
19 Mar '07
3 min read
AnnTaylor Stores Corporation reported its results for the fourth quarter and fiscal year 2006 ending February 3, 2007. Diluted earnings per share for the quarter were $0.31 and, for the year, diluted earnings per share reached a record level of $1.98. Net sales for the quarter were up 6% and, for the year, net sales advanced 13% to a record level of $2.3 billion.
Commenting on the results of the year, Ann Taylor President & Chief Executive Officer Kay Krill stated, "Fiscal 2006 was a year of record financial performance and accomplishment for the Company. We continued to strengthen and grow our brands, improve our gross margin, and increase our supply chain efficiency and effectiveness. We successfully managed through a tough fourth quarter, given the impact of the unseasonably warm weather across much of the country and a fashion miss at LOFT, and we have entered fiscal 2007 determined to build on the progress we made in 2006 to deliver another year of record financial performance."
Fourth Quarter Results: Net sales for the fourth quarter of fiscal 2006 ending February 3, 2007 advanced 6.3% to $610.5 million, compared with net sales of $574.0 million in the fourth quarter of fiscal 2005 ending January 28, 2006. The Company indicated that, due to the timing of its fiscal calendar, the 2006 fourth quarter and fiscal full year included an extra week, versus the comparable fiscal 2005 periods.
By division, net sales at Ann Taylor declined 1.0% to $243.4 million in the fourth quarter of fiscal 2006, compared with net sales of $245.9 million in the fourth quarter of fiscal 2005. At LOFT, net sales grew 5.0% to $284.8 million in the fourth quarter of fiscal 2006, compared with net sales of $271.3 million in the fourth quarter of fiscal 2005.
marketing@alchempro.com
