NEW YORK ( TheStreet) -- AnnTaylor Stores ( ANN) said it will cut more jobs as part of its extended restructuring plan and, looking ahead, lifted its earnings target for the second quarter

This was just the update investors wanted to hear; shares in the company jumped 6% to $11.88 in afternoon trading.

The women's apparel retailer said it expects to report earnings, excluding restructuring and impairment costs, of slightly better than break-even for the quarter ended Aug. 1. Analysts had been looking for a loss of 2 cents a share.

But the company expects same-store sales to remain a challenge, predicting a second-quarter top line of about $470 million, just above analysts' predictions of about $461 million.
Layoffs

AnnTaylor embarked on a restructuring plan about 18 months ago. Some of its new plans include cutting more corporate and divisional jobs.

While the company did not reveal how many jobs it planned to eliminate, Reuters reported about 160 positions will be cut.

AnnTaylor expects the moves to save about $125 million a year through fiscal 2010, up from a prior target of $85 million to $95 million.

Reported by Jeanine Poggi in New York.
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

If you liked this article you might like

L Brands, Other Mall Retailer Stocks Rising on March Sales Figures

6 Mall Brands That Are Near Death or Have Already Dropped Dead

Would You Boycott a Company for Selling Trump Products?

Consumer Revolution: Unbranded Retailers Are Stealing Market Share

Water-Logged And Getting Wetter Stock Of The Day: Ann (ANN)