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Market Update : 
Ann Taylor Stores Q3 Earnings Call Transcript
Author: 123jump.com Staff
123jump.com
Last Update: 3:23 PM ET December 11 2008


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Michael J. Nicholson

Yes. I’d say a couple of things, Jeff. You know, clearly the environment as it relates to the landlords has changed dramatically in the last six months. So you know we obviously take that into account going forward, assessing not only the current performance of our business but also how we’re thinking about the performance prospectively, also taking into consideration any potential costs that we’re able to negotiate out and clearly if there are locations that are not profitable and we’re not able to negotiate costs out, and that we don’t think that they’re significant incremental opportunity long term, we clearly would close the store. And it’s really part of an ongoing assessment that we perform each and every quarter.

Jeff Black - Barclays Capital

Right. And then did you get the operating cash number for 3Q?

Michael J. Nicholson

For the current quarter? Is that the question?

Jeff Black - Barclays Capital

Yes.

Michael J. Nicholson

In terms of operating cash flow for the quarter, taking into consideration the impact of working capital, it was approximately breakeven.

Jeff Black - Barclays Capital

Okay, great. Thanks. Good luck Mike.

Michael J. Nicholson

Thank you.

Operator

Your next question comes from Brian Tunick with JP Morgan.

Brian Tunick - JP Morgan

Thanks. I guess for Kay, we’re just curious as far as Gary and Christine go, would you just talk about how you work with them differently versus the prior leaders before at the divisions and really how open you’ll be to having them influence, you know, your thinking on the company. Thanks.

Katherine Lawther Krill

Well, thanks, Brian. I think that, you know, the divisionalization is something that I’ve really wanted to do for a very long time and I feel now we have the strong leadership with Gary and Christine and Brian to be able to do this. What we have transferred over to them is the fall marketing and visual and planning and allocation. Those are the new functions that transferred to the division presidents. Merchandising and design and stores have always been with the presidents.


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