AnnTaylor (ANN) Lowers Guidance, Announces Plans To Cut Costs
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Price: $44.89 --0%
Financial Fact:
Basic earnings per share: 0.3
Today's EPS Names:
FRSB, DGICA, UXIN, More
Financial Fact:
Basic earnings per share: 0.3
Today's EPS Names:
FRSB, DGICA, UXIN, More
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AnnTaylor Stores Corporation (NYSE: ANN) announced additional actions designed to further reduce the Company's cost structure and enhance its operational efficiency.
Under the expanded strategic restructuring program, the Company expects to generate total ongoing annualized savings of $80-$90 million over the three-year program period, compared to the $50 million previously anticipated. Approximately $35 million of these savings are expected to be realized in fiscal 2008.
AnnTaylor sees third quarter of approximately $527 million, versus the consensus of $567.3 million. The company sees Q3 EPS of 'approximately breakeven', well below the consensus of $0.46.
Comparable store sales for the third quarter 2008 declined approximately 19% versus the third quarter of 2007.
AnnTaylor expects the current weakness in consumer spending to persist through the fourth quarter of 2008 and into 2009.
Under the expanded strategic restructuring program, the Company expects to generate total ongoing annualized savings of $80-$90 million over the three-year program period, compared to the $50 million previously anticipated. Approximately $35 million of these savings are expected to be realized in fiscal 2008.
AnnTaylor sees third quarter of approximately $527 million, versus the consensus of $567.3 million. The company sees Q3 EPS of 'approximately breakeven', well below the consensus of $0.46.
Comparable store sales for the third quarter 2008 declined approximately 19% versus the third quarter of 2007.
AnnTaylor expects the current weakness in consumer spending to persist through the fourth quarter of 2008 and into 2009.
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