Ann Taylor Reports Increased Profits, February Sales Jump
Ann Taylor reported improved fourth quarter results today. The Wall Street Journalreports that Ann Taylor also achieved a 10% sales jump in its stores open at least a year during February.
As a result of reducing merchandise and markdowns, as well as adding fresher products, gross margin, or the profit after deducting the cost of its goods, soared to 52.5% from 35.7% in the same quarter a year ago.
AnnTaylor pointed to a sales rebound so far in its current quarter, with both its store brands achieving 10% increases in sales at stores open at least a year in February. The retailer expects a return to sales growth in 2010 based on growth in same-store sales in every quarter of the year.
The Wall Street Journal says Ann Taylor is still planning to close 72 stores this year despite the increase in sales. Ann Taylor's website says it has 320 Ann Taylor stores, which is down from the 346 stores the website listed in March, 2009. Ann Taylor is just one of many retailers that are slowly closing some stores as they attempt to reduce costs and return to profitability during what is still a very tough retail climate.
Ann Taylor reported improved fourth quarter results today. The Wall Street Journal 
