Ann Taylor Q1 loss less than expected
New York City Ann Taylor Stores Corp. said Wednesday it lost $2.3 million in its fiscal first quarter as sales fell. The loss was smaller than Wall Street had expected, however.
Sales slid 28% to $426.7 million from $591.7 million on declining results at both its Loft and namesake stores. The results missed Wall Street's estimate of $454.7 million.
Same-store sales tumbled 30.7% in the first quarter. Loft's same-store sales fell 24.2%, while Ann Taylor same-store sales sagged 42.7%.
The company blamed its soft same-store sales results on a consumer-spending pullback prompted by the recession. Loft's results got better as the quarter progressed due to improved product assortment and lower price points that appealed to budget-conscious shoppers, it added.