AnnTaylor raises forecast, helped by Loft, inventory control

NEW YORK (MarketWatch) - AnnTaylor Stores Corp. said Monday that its first quarter profit will exceed its previous forecast after stronger results at its Loft chain and better expense and inventory control. First-quarter per-share profit, excluding restructuring costs, is expected to be 45 cents to 47 cents a share, compared with the company’s previous projection of as much as 40 cents. While first-quarter comparable-store sales at the Ann Taylor chain dropped 12%, they rose 0.7% at Loft, the company said. The company also said it’s decided not to pursue its new concept at this time even though it’s moving aggressively with the launch of its Loft Outlet this summer.
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