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Ann Taylor Posts $4M Q2 Profit

NEW YORK CITY-Same-store sales are off 22.5% year-over-year; the chain will shutter 53 locations and open 14 more.

By Paul Bubny | Updated on August 21, 2009

NEW YORK CITY-Ann Taylor Stores on Friday reported net income of $3.6 million for the second quarter that ended August 1, off about 88% from the $31.2 million net in the same quarter last year. In a release, the retailer says its quarterly results were better than expected and reflect a “solid” 52.4% gross margin and year-over-year cost savings of 8%, along with comparatively strong sales at its Loft stores.

Net sales for Q2 were $470.2 million, compared with $592.3 million in Q2 2008. Comparable store sales for the quarter declined 22.5% versus the prior year, with Ann Taylor locations seeing a 38% drop in comparables. For the first half of fiscal 2009, same-store sales declined 26.6%, with a 40.4% decline at Ann Taylor and a 19.8% decline at Loft.

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