Women's wear retailer Ann Taylor Stores Corporation has seen an excellent start to its financial year after a double-digit rise in same-store sales at both brands pushed it to a first quarter profit.
The company which operates the Ann Taylor and Loft stores swung to a profit of $22.8 million or $0.38 per share in the three months to May 1, compared with a loss of $ 2.3 million or $0.04 per share a year earlier.
"Clients responded positively to our spring collections at both brands, and we were pleased with the increased traffic levels and improved in-store metrics during the quarter," said president and CEO Kay Krill.
"A substantial uptick in sales, including double-digit comparable sales increases at both brands, and a strong gross margin rate drove the dramatic improvement over year-ago results."
Total net sales rose 11.6 per cent to $476.2 million from $426.7 million while comparable sales were up 14.1 per cent. The better performance was mainly due to improved product offerings at both brands, higher full-price selling, effective marketing and steps to control inventory levels.
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