ANN Reports Double Digit Comparable Sales Increase In Q1

Ann Taylor Stores Corp ANN announced its fiscal Q1 ended May 1, 2010 results today. The earnings per diluted share stood at $0.38 on both a GAAP and an operating basis, versus $0.04 loss per diluted share on a GAAP basis and a $0.03 loss per diluted share on an operating basis, excluding an after-tax restructuring charge of $0.01 per share, a year ago. ANN’s total net sales upped to $476.2 million from $426.7 million last year. By brand, the company achieved net sales of $198.4 million across all channels of the Ann Taylor brand, up from $178.3 million in the same quarter a year ago. Net sales across all channels at the LOFT brand increased to $277.8 million from $248.5 million in the year-ago period. President and CEO, Kay Krill, said, "Fiscal 2010 is off to an excellent start, with both Ann Taylor and LOFT achieving outstanding results for the first quarter. A substantial uptick in sales, including double-digit comparable sales increases at both brands, and a strong gross margin rate drove the dramatic improvement over year-ago results. Clients responded positively to our Spring collections at both brands, and we were pleased with the increased traffic levels and improved in-store metrics during the quarter.” ANN gave its net sales outlook for fiscal 2010 Q2 at $500 million, incorporating double-digit comparable sales increase. The company’s gross margin rate is expected to increase by 250 basis points, reflecting 52.4% growth. After closing at $20.23, down 1.08% yesterday, ANN climbed 0.35% to $20.30 during the after-hours. Read more from Benzinga's Company news.