Women's specialty retailer AnnTaylor Stores Corporation reported a net loss of $58.1 million, or $1.03 per diluted share for the fourth quarter of 2008, excluding impairments and restructuring charges. For the full year of 2008, on the same basis, the company reported a net income of $2.9 million, or $0.05 per diluted share.
 
Net sales for the fourth quarter of 2008 were $483.4 million, compared with net sales of $600.8 million in the fourth quarter of 2007. Comparable store sales for the quarter declined 24.5% versus the prior year. At Ann Taylor, comparable store sales declined 29.4% and, at LOFT, comparable stores sales declined 21.9%.
 
During the quarter, the Company opened one Ann Taylor Factory store and two LOFT Outlet stores. In conjunction with its strategic restructuring program, the Company closed 24 Ann Taylor stores and 10 LOFT stores during the quarter.
 
The Company did not repurchase shares of its common stock during the fourth quarter of fiscal 2008.
 
Net sales for 2008 were $2.2 billion, compared with net sales of $2.4 billion for 2007. Comparable store sales for the year decreased 14.8% versus the prior year. By division, comparable stores sales at Ann Taylor decreased 19.9% in fiscal 2008 and, at LOFT, comparable store sales decreased 11.4% in fiscal 2008.
 
 The company repurchased approximately 4.1 million shares of its common stock during fiscal 2008, at an approximate cost of $101 million, with all fiscal 2008 repurchases occurring in the first half of fiscal 2008.
 
On January 30, 2008, the company announced a multi-year, strategic restructuring program, which was subsequently expanded in late fiscal 2008. The three-year program is currently expected to generate total ongoing annualized savings of $80-90 million by 2010, with approximately $40 million of these savings realized in fiscal 2008.
 
For fiscal 2009, the company expects to generate an additional $35-40 million in savings, with the remainder expected to be generated in fiscal 2010.