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.
![[Kay Krill]](http://s.wsj.net/public/resources/images/HC-GG288_Krill_BV_20090306174519.gif)
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%.
Category Women's Clothing | 0 Comments »It will be easier to wear runway clothing to the office come fall.
In an effort to make their catwalk collections more consumer-friendly, designers presented especially wearable, versatile pieces at last week’s Fashion Week in New York.
It won’t take much work to “convert” Ralph Lauren’s (nyse: RL – news – people ) antique grey flannel three-piece suit, Oscar de la Renta’s black double-faced wool dress or Tommy Hilfiger’s high-waisted silk pants paired with a draped sweater into office attire.
 |
