Women’s clothing retailer Ann Taylor Stores said quarterly sales rebounded at its namesake stores and it was able to sell more merchandise at full price, sending shares up 2.8 percent to $15.90.
Like other chains that cater to women over 35, Ann Taylor is working to turn around its fortunes after struggling with weak sales for several quarters.
At the Ann Taylor chain, same-store sales rose 19.6 percent in the second quarter, compared with a 38 percent tumble in the same period a year ago. That helped boost overall comparable sales, which include online purchases, by 6.1 percent.
Internet sales also gave the company a boost. At the more casual and less expensive LOFT division, a 54.6 percent jump in online revenue made up for a 3.1 percent drop in same-store sales.
Total sales rose nearly 2.8 percent to $483.5 million, but fell short of analysts’ expectations of $503.3 million. Net income was $18.6 million, or 31 cents per share, in the second quarter ended July 31, compared with a year-earlier loss of $18 million, or 32 cents. The company operates nearly 900 stores, including about 280 Ann Taylor stores and 506 LOFT stores. It expects 56 stores to close across both brands for the year, and plans to open 30 new stores, primarily for the LOFT chain.