Comparable store sales on a 13-week basis declined 6.0% in the fourth quarter of fiscal 2006, compared to a comparable store sales increase of 6.8% in the fourth quarter of fiscal 2005. By division, comparable store sales at Ann Taylor declined 5.9% in the fiscal 2006 quarter, compared with a 9.8% increase in the year-ago quarter, primarily due to the unusually warm weather across much of the country during the quarter and the resultant impact on the division's weather-sensitive categories-namely, sweaters, outerwear and cold- weather accessories.
Importantly, Ann Taylor's success in offering brand- appropriate product and tightly managing inventory enabled the division to achieve increased full-price sales and higher margins across the balance of its business.
At LOFT, comparable store sales declined 8.9% in the fiscal 2006 quarter, compared with a 5.5% increase in the year-ago quarter. As previously disclosed, the softness at LOFT largely reflected a merchandise assortment, most notably sweaters, that was too heavily focused on fashion and, to a lesser extent, the impact of the unusually warm weather on weather- sensitive merchandise.
During the quarter, the company opened 19 LOFT stores, one Ann Taylor store, and one Ann Taylor Factory store and closed eight Ann Taylor stores. The total store count at the end of the quarter was 869, comprised of 348 Ann Taylor stores, 464 LOFT stores and 57 Ann Taylor Factory stores.
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AnnTaylor Stores Corporation
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