The US womenwear retailer AnnTaylor Stores Corp announced worse than expected fourth quarter losses as a result of a singular change in the way the New York-based chain accounts for leases and falling sales.
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The company forecast a net loss of 14 cents (0,08 pence) to18 cents a share for the fourth quarter ending 29 January. However, it added that it expects return to profit in the following quarter with first quarter earning of 27 cents to 30 cents a share, beating average analyst forecasts of 25 cents. Ann Taylor added that organisational changes would result in severance payments of $3 million, but the company would ultimatley save $3 million a year.