Earnings Call Excerpt
Ann Taylor Stores Corp. (ANN)
Q3 2007 Earnings Call
November 16, 2007 8:30am ET
Executives
Kay Krill – President, CEO
Michael Nicholson – CFO
Maria Sceppaguercio – Senior VP Communications Inventor Relations
Analysts
Brian Tunick – JP Morgan
Dana Cohen – Banc of America
Dana Kelsey – Kelsey Advisory Group
Jennifer Black – Jennifer Black and Associates
Lorraine Maikis – Merrill Lynch
Tracy Kogan – Credit Suisse
Kimberly Greenberger – Citigroup
Adrienne Tennant – Friedman, Billings & Ramsey
Crystal Lanigan – DA Davidson
Barbara Wyckoff – Buckingham
Liz Dunn – Thomas Weisel
John Emrich – Ironworks Capital
[Michelle Pan – UBS]
Samantha Panella – Raymond James & Associates
Lauren Levitan – Cowen & Co.
Presentation
Operator
Good morning ladies and gentlemen and welcome to Ann Taylor Store Corporation third quarter 2007 earnings conference call. [Operator Instructions] I would now like to turn the call over to Maria Sceppaguercio, Senior Vice President and Communications Investor Relations.
Maria Sceppaguercio
Thank you and good morning everyone. As you know earlier this morning we issued our results for the third quarter of fiscal 2007. We also updated our outlook for the full year. Based primarily on the significant traffic softness we experienced in October and ongoing macro economic uncertainty both of which have implications heading into the fourth quarter.
Here with me this morning to discuss the results is Ann Taylor, President and CEO Kay Krill and our CFO Mick Nicholson. During the quarter we repurchased approximately half a million shares for almost $15 million. Under our $300 million share repurchase program authorized by the board in August. Taken together with the 8 million shares we purchased in the first half of this year we have bought back a total of approximately 8.4 million shares so far this year at a total cost of just under $315 million.
Before I turn the call over to Kay I would like to remind you that our discussion this morning may include forward looking statements which are subject to the safe harbor provision of the private securities litigation reform act of 1995. These forward looking statements reflect the company’s current expectations concerning future events and are subject to a number of factors and uncertainties that could cause actual results to differ materially. A detailed discussion of these factors and uncertainties contained in the company’s filings with the SEC. With that I will hand it over to Kay.
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