By  on November 21, 2008

AnnTaylor Stores Corp. blamed a third-quarter loss on the overall economic environment and consumer spending slowdown.

For the three months ended Nov. 3, the New York-based retailer posted a loss of $13.4 million, or 24 cents a diluted share, compared to profits of $40.8 million, or 66 cents a share last year. Sales in the quarter fell 12.3 percent to $527.2 million from $600.1 million a year ago.

"As previously reported, after a solid first-half performance this year, our business turned soft in the third quarter reflecting the dramatic deterioration in the overall economy and consumer spending -- particularly over the latter part of the period," said president and chief executive officer Kay Krill.

In the first nine months of fiscal 2008, the firm posted profits of $41.7 million, or 72 cents a share, down 59.9 percent from profits of $103.9 million, or $1.61 a share, last year. Sales in the three quarters fell 4.7 percent to $1.71 billion from $1.80 billion a year ago.

For complete coverage, see Monday's WWD.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus