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Ann Taylor To Open 75 Units

NEW YORK CITY-The company is increasing its square footage by 7.3%, adding 10 Ann Taylor, 60 Loft, and five Factory units to its inventory.

By Dana Dubriwny | Updated on March 10, 2006

NEW YORK CITY-Following a “dramatic improvement in sales, gross margin and earnings in the second half of the year” Kay Krill, president and chief executive officer of Ann Taylor, said the company is poised to open an additional 75 stores this year. The store openings will include 10 Ann Taylor, 60 Ann Taylor Loft, and five Ann Taylor Factory units. The additions will increase the retailer’s square footage by 7.3%. Currently, the company operates 824 units, which is comprised of 357 Ann Taylor, 416 Ann Taylor Loft and 51 Ann Taylor Factory stores.

During Ann Taylor’s fourth-quarter earnings call this morning, Krill said the company is working on a prototype of a new store layout, which is intended to make units more cost effective. Further, a new store design will be applied to the Loft units, while 52 Ann Taylor locations will be re-branded throughout the year. During 2007, the company will update another 50 Ann Taylor locations.

Calling 2005, “a year of learning,” Krill enthusiastically reported the company’s fourth-quarter earnings. Net income for the fourth quarter ended Jan. 28 was $27.4 million, or 38 cents per share on a diluted basis on an average of 72.8 million shares outstanding. This is compared to a net loss of $12.5 million, or 18 cents per share on a diluted basis on an average of 70.7 million shares outstanding for the same year-ago period.

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