CustomClothingStore.com

AnnTaylor Stores Corp. on Friday reported a wider fiscal fourth-quarter net loss and disclosed new cost-cutting plans as sales fell nearly 20%.

The struggling women’s apparel company said it would slash capital spending and increase planned store closings to 163 this year. Its shares dropped Friday as hopes for a turnaround faded.

Chief Executive Kay Krill

AnnTaylor posted a net loss of $375.6 million, or $6.66 a share for the period ended Jan. 31, compared with a year-earlier loss of $6.7 million, or 11 cents a share. The latest loss included $317 million in restructuring and asset-impairment items; excluding items, the loss would have been $1.03 a share.

Sales declined 19.5% from a year earlier to $483.4 million on deep markdowns needed to reduce inventories. Sales at stores open at least a year, a measure of market share, dropped 25%.

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