Ann Taylor is entering the fray of attracting women in this age category after other chains have launched concepts targeting the same age group. Some have failed. Gap Inc. rolled out a concept called Forth & Towne in 2005 that executives promised at the time would have a significant market demand, but the company shut down the 19-unit chain earlier this year.
But when asked by analysts, Krill would not specify about her company's new concept or how competitors have fared. "I'm not going to get into that conversation," she says.
News of the new chain comes as the retailer's second-quarter same-store sales fell 6.2% year over year. At its 350-store Ann Taylor chain, comps dropped 3.4%, while the 460-unit Ann Taylor Loft posted a 10% plunge.
The company's total sales during the quarter, which ended Aug. 4, rose 1%, reaching $614 million, while net income fell to just more than $31 million, from $43 million during the same year-ago period. Sweaters and sportswear underperformed, while dresses and suits were better sellers.
For the year, Ann Taylor is opening 55 Lofts, 15 of its namesake stores and 10 outlet units. The company is also closing 10 locations.
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