Ann Taylor Names New CEO
New York City, Ann Taylor Stores Corp. named Kay Krill to the additional post of CEO. At the same time, the company posted a fourth-quarter loss of $12.5 million, compared to a $31.8 million profit in the same quarter last year. Krill, who will take over the top spot from chairman Patrick Spainhour in October, is president of the company and is credited with turning the Ann Taylor Loft brand into the chain’s most profitable division.
Sales for the fourth quarter increased 8.6% to $487.3 million, up from $448.7 million in the same quarter last year. Same-store sales declined 4%, compared to a 15% increase last year.
For the fiscal year, net income declined to $63.3 million, down from $100.7 million in the prior year. Sales increased from $1.59 billion to $1.85 billion.