InfoAnda - Ann Taylor Swings Q1 Profit On Robust Sales

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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel News Articles Ann Taylor Swings Q1 Profit On Robust Sales Email Facebook Digg Twitter Buzz Up! ShareThis May 21, 2010 1:16 p.m. EST Topics: earnings, company information, economy, business and finance, United States Mitchell Jaworski - AHN News Reporter New York, NY, United States (AHN) - Ann Taylor announced Friday it turned a profit in the first quarter as margins expanded on increasing sales, especially at its existing stores. The clothing retailer said first quarter earnings were $22.6 million or 38 cents a share, compared to a loss of $2.3 million or 4 cents a share in the same period a year ago. The result topped analyst estimates for 35 cents a share. Sales were robust in the quarter, jumping 12 percent to $476.2 million. Growth was pushed by a 14.1 percent surge in same-store sales. “Fiscal 2010 is off to an excellent start, with both Ann Taylor and LOFT achieving outstanding results for the first quarter,” said President and CEO Kay Krill. Ann Taylor’s LOFT unit contributed to the strong first quarter results, posting an 11 percent rise in revenue to $277.8 million. The company said less discounting in the quarter helped boost gross margin 3.9 percent to 59.4 percent. "We will continue to position both brands to deliver profitable sales growth in 2010,” added Krill. “At the same time, we will remain focused on delivering strong gross margin while managing our inventory levels to support expected top-line growth.” Looking forward, Ann Taylor said it expects sales of $1.95 billion to $1.98 billion for the year. Analysts are predicting $1.96 billion. Copyright © 2003 - 2010 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Most Popular Stories Miley Cyrus Reveals New "Can't Be Tamed" Album Details Nation's Spy Chief Resigns After "Intelligence Failures" Chad Ochocinco Starring In Reality Dating Show, “DWTS” partner Cheryl Burke Doesn’t Approve Twitter Joins Facebook, YouTube In Ban By Pakistan CDC Warns Public Pools Could Make You Sick British PM: “We Were Right Not To Join The Euro" Severe Flooding In Poland Claims Sixth Victim Drew Barrymore To Direct “Wizard Of Oz” Sequel Apple Changes Its "iTune" On Card-Only Policy For iPad Aquino, Binay Lead Philippine Election Winners; May Be Proclaimed Within The Day Recent Posts Most Popular Comments Recent Comments Popular Threads Home | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat Follow AHN on Twitter AHN Social News connects you with friends and the news Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services © 2010 AHN All Rights Reserved

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