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.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"