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Ann Taylor 2Q Profit Falls 8%

BY CSA STAFF

New York City AnnTaylor Stores Corp. reported nearly an 8% decline in second-quarter earnings amid a weakening economy.

The company said second-quarter net income fell to $29.3 million from $31.7 million a year ago.

Net sales in the quarter ended Aug. 2 fell nearly 4% to $592.3 million as the weak U.S. economy forced many consumers to cut back on buying new clothes.

Same-store sales fell 10.8%.

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Barnes & Noble 2Q sales down 1.6%

BY CSA STAFF

NEW YORK Barnes & Noble reported that sales for the second quarter decreased 1.6% to $1.2 billion. Barnes & Noble store sales decreased 1.6% to $1.1 billion, with comparable-store sales decreasing 4.7% for the quarter. Barnes & Noble.com sales were $99.8 million for the quarter, a 3.6% comparable sales increase.

Second quarter net earnings were $15.4 million or 27 cents per share.

 

For the third quarter, the company expects comparable-store sales at Barnes & Noble stores to decline in the low single digits. Barnes & Noble Inc.s third quarter loss per share is expected to be in a range of 10 cents to 15 cents.

Based on first-half 2008 sales performance and current trends, the company is reducing its full-year comparable store sales guidance from slightly negative to a decrease in the low single digits. Although the company is reducing full-year sales guidance, the company is reiterating full-year earnings per share guidance to be in a range of $1.70 to $1.90.

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Wyatt named president of Old Navy

BY CSA STAFF

SAN FRANCISCO Gap Inc. announced that Tom Wyatt has been named president of its Old Navy division, effective immediately. Wyatt, a 30-year retail veteran, has been serving as interim president of the retailer since February.

In his first actions as brand president, Wyatt made several changes to his senior management team, effective immediately, including announcing the departure of merchandising evp Sheryl Clark.

Wyatt joined Gap Inc. in early 2006, and previously served as president of the company’s Outlet division until he joined Old Navy this year. His 30 years of retail experience include: serving as president and ceo of a mid-size athletic apparel company; president of Warnaco Intimate Apparel; and a senior executive within the Saks family of companies.

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