By  on August 25, 2008

AnnTaylor Stores Corp. had a 7.7 percent drop in net earnings as same-store sales fell 10.8 percent in the second quarter ended Aug. 2.

Net income was $29.3 million compared with $31.7 million a year earlier. On a per diluted share basis, which excludes restructuring costs involving store closings, earnings rose 6 percent to 54 cents, against 51 cents in the year-ago quarter. The net income comparison benefited from a lower effective tax rate in the 2008 quarter, while the increase in diluted earnings reflected a benefit from a share repurchase program.

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