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ANN INC. Message Board

  • bluecheese4u bluecheese4u Mar 14, 2008 8:48 AM Flag

    Ann Taylor Announces Fiscal Fourth Quarter and Full Year 2007 Results

    Ann Taylor Announces Fiscal Fourth Quarter and Full Year 2007 Results

    Friday March 14, 7:30 am ET
    $340 Million in Stock Repurchased During the Year
    Company Provides Outlook for Fiscal 2008

    NEW YORK, March 14 /PRNewswire-FirstCall/ -- AnnTaylor Stores Corporation (NYSE: ANN - News) today reported its results for the fiscal fourth quarter and full year of 2007 ended February 2, 2008. For the full year of fiscal 2007, diluted earnings per share, on a GAAP basis, were $1.53, including $0.31 in one-time restructuring costs. Excluding one-time restructuring costs, diluted earnings per share for the full year were $1.84, compared with $1.98 in fiscal 2006.

    On January 30, 2008, the Company announced a multi-year, strategic restructuring program, expected to deliver $50 million in ongoing annualized pre-tax savings by fiscal 2010. Key elements of the program include the optimization of the Company's store portfolio, including the closure of 117 underperforming stores over the 2008-2010 period; an organizational streamlining, primarily involving the downsizing of the Company's headquarters staff by approximately 13%, which was completed in January 2008; and a broad- based productivity initiative, including the strategic procurement of non- merchandise goods and services. Total pre-tax costs associated with the implementation of the program are expected to be approximately $40-45 million over the three-year period. The Company expects this program to dramatically improve its efficiency, effectiveness and profitability over the next three years and beyond.

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