AnnTaylor Stores Corp. (NYSE:ANN) s expected to report Q2 earnings before the market opens on Friday, August 21 with a conference call scheduled for 8:30 am ET.
Analysts are looking for a profit of 2c on revenue of $472.21M. The consensus range is (12c)-5c for EPS, and revenue of $466.30M-$502.07M, according to First Call. On July 30, AnnTaylor gave Q2 guidance an announced an expansion of its restructuring program, including store closings and job cuts. The company said that it sees Q2 revenue of approximately $470M vs. a consensus at the time of $460.86M, and that Q2 SSS that would continue to reflect weakness, primarily at the Ann Taylor division. The restructuring, which was originally announced in January 2008, was expanded to generate ongoing annualized savings totaling approximately $125M over the three-year program period ending in fiscal 2010, compared to the $85M-$95M in savings previously anticipated.
One recent green shoot was an upgrade by UBS Wednesday to Buy from Neutral, citing positive channel checks for Loft. The firm raised it target on AnnTaylor to $15 from $12.