Ann Taylor Stores Corp (ANN) reported third quarter net income of $2.07 million or $0.03 per share, compared to net loss of $13.45 million or $0.24 per share last year.
Net income, excluding items, was $12 million or $0.20 per share, compared to $1.6 million or $0.03 per share in the same quarter last year.
On average, 19 analysts polled by Thomson Reuters expected the company to report earnings of $0.07 per share. Analysts' estimates typically exclude special items.
Net sales were $462.41 million, compared with $527.22 million in the third quarter of fiscal 2008.
Comparable store sales for the quarter declined 13.7% versus the prior year. At Ann Taylor, comparable store sales declined 25.8% and at LOFT, comparable stores sales declined 9.7%.
Fourteen analysts estimated revenues of $473.85 million.
Moving ahead, for the fourth quarter, the company expects total sales dollars to be slightly below those achieved in the third quarter of 2009. The company expects fourth quarter 2009 gross margin performance to be considerably stronger than the levels achieved in the fourth quarter of 2008.
Further, the Company said it will continue to focus on maintaining a healthy balance sheet and expects to achieve a year-end cash position in excess of its fiscal third quarter 2009 cash position.
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