UPDATE 1-AnnTaylor 1st-qtr results top Wall Street view
Published: 20 May 2009 04:05:26 PST* Q1 loss 4 cts; Wall Street expected loss of 11 cts
* Sales fell 27.9 pct to $426.7 mln
NEW YORK, May 20 - AnnTaylor Stores Corp reported a smaller-than-expected quarterly loss on Wednesday despite a steep sales decline, helped by improved gross margins and aggressive cost cuts.
The operator of the Ann Taylor and Ann Taylor LOFT chains posted a net loss of $2.3 million, or 4 cents per share, for the first quarter ended May 2, compared with a net profit of $25.9 million, or 43 cents per share, a year earlier.
Analysts on average had expected a loss of 11 cents per share. The retailer said last week that its loss per share would be much smaller than the 24 cents analysts had then been expecting.
Net sales in the quarter dropped 27.9 percent to $426.7 million, below analysts' estimate of $454.0 million. Same-store sales fell 30.7 percent.
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