ANN TAYLOR SHARES HIT 52-WEEK LOW

NEW YORK--Shares of Ann Taylor Stores Corp. continued to sink Tuesday hitting a 52-week low in heavy trading on the New York Stock Exchange. Ann Taylor stock traded as low as 16 1/8 during the day passing the 52-week low of 17 3/8 reached Monday. The stock closed down 1/2 to 17 Tuesday.
The drop in stock price reflected skepticism about September sales and the retailer's ability to finance operations if earnings are below expectations. Ann Taylor reported a loss of $3.8 million in the second quarter and was forced to amend its bank agreements to avoid a default.
Wall Street estimates Ann Taylor will earn 15-17 cents a share in the third quarter against 35 cents a year ago.

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