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New York City Ann Taylor Stores plans to significantly expand its factory outlet footprint in 2011, approximately 35 Loft Outlet Stores and five Ann Taylor Factory Stores. To accelerate expansion, the retailer is taking advantage of locations at leading factory outlet centers across the United States formerly occupied by Liz Claiborne.
The 40 new outlet stores, expected to open in second quarter 2011, will generate incremental fiscal 2011 revenue of approximately $75 million and to be accretive to its fiscal 2011 earnings per share. Capital expenditures associated with the openings are expected to be approximately $25 million in fiscal 2011.
Kay Krill, Ann Taylor's president and CEO, stated, "As we have previously noted, we had identified our highly productive factory outlet channel as an area for future growth, particularly for our Loft brand. This extraordinary opportunity to open premium store locations significantly and efficiently accelerates our planned expansion and represents meaningful growth for our very successful Loft Outlet business.”