ANN TAYLOR POSTS GAINS IN RESULTS

NEW YORK--Ann Taylor Stores Corp., citing strong full-price sales and better expense leverage, reported third-quarter earnings nearly doubled to $8.3 million, or 35 cents a share, from $4.3 million, or 20 cents, a year ago.
In the quarter ended Oct. 29, sales climbed 34.9 percent to $164.6 million from $122 million, with same-store sales advancing 13.9 percent.
Selling, general and administrative expenses as a percentage of sales declined to 33.3 percent from 34.3 percent.
In the nine months, earnings before a special charge more than doubled to $24.3 million, or $1.05 a share, from $11.2 million, or 51 cents.
A charge of $868,000 in the latest period and $10.5 million in the year-earlier period for debt refinancing reduced net income to $23.4 million, or $1.01 per share, in the latest nine months and $745,000, or 3 cents, a year ago.
In the nine months, sales jumped 28 percent to $469.9 million from $367 million.
At the end of the quarter, inventories were up 66 percent to $104.3 million from $62.8 million. On a per-square-foot basis, inventories were up 31 percent from a year ago.
--Fairchild News Service

To access this article, click here to subscribe or to log in.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus