NEW YORK ( TheStreet) -- AnnTaylor Stores (ANN - Get Report) swung to a second-quarter loss as sales fell from a year ago, although the company topped expectations on an adjusted basis and offered a rosy view for the third quarter.
The apparel retailer swung to a second-quarter net loss of $18 million, or 32 cents a share, compared with a net profit of $29.3 million, or 50 cents a share, in the year-ago quarter.
Excluding restructuring charges, AnnTaylor said it would have earned 6 cents a share in the quarter, down from a profit of 53 cents a year earlier.
Revenue fell 20.6% to $470.2 million from $592.3 million in the same quarter a year ago. Comparable store sales for the quarter declined 22.5% from the prior year, AnnTaylor said. Gross margin was 52.4%, unchanged from a year ago.