Ann Taylor swings to profit in Q2

New York City Ann Taylor Stores Corp. reported Friday that it swung to a profit of $18.6 million in the second quarter, from a loss of $18 million last year.

Revenue rose 2.8% to $485.3 million, from $470.2 million.

Same-store sales grew 6.1% overall, which included online sales, compared with a 22.4% drop last year.

"The Ann Taylor brand delivered an excellent quarter as momentum continued to build since the brand's evolution began in fall 2009," said CEO Kay Krill.

The retailer also announced an expansion of its share repurchase program to $400 million. Ann Taylor expects to bring in $495 million in sales for the third quarter and sales of about $1.95 billion for the full year.