Kim Roy Resigns As President of Ann Taylor Stores Division

- Company Reaffirms Earnings Guidance for Fourth Quarter and Full Year 2002 -

Jan 23, 2003, 00:00 ET from Ann Taylor

    NEW YORK, Jan. 23 /PRNewswire-FirstCall/ --
 Ann Taylor  Stores  Corporation  (NYSE:   ANN)  announced  today that  Kim  Roy,
 President of its Ann Taylor  division, resigned from the Company for  personal
 reasons, effective immediately.  Ms. Roy  joined Ann Taylor in May 2001.   The
 Company has begun a search for a permanent successor to Ms. Roy.
     Ann Taylor Chairman J. Patrick Spainhour said, "On behalf of the Board,  I
 would like  to  thank Kim  for her  service  as President  of the  Ann  Taylor
 division.  Kim did much to  reassert within our Ann Taylor division a  renewed
 focus on  our  brand's  core attributes  and  competencies in  classic  career
 apparel and polished casual apparel and accessories.  We wish her well  as she
 pursues new projects and interests.  Until a replacement is found, Ann  Taylor
 division merchandising and design will report directly to me."
     Separately, Ann  Taylor  Stores  reaffirmed  its  current  fourth  quarter
 earnings per  share guidance  in the  range of $0.32  - $0.33,  and full  year
 earnings per share guidance in the range of $1.69 - $1.70.
     Ann Taylor is  one of the  country's leading women's specialty  retailers,
 operating 585 stores in 42 states,  the District of Columbia and Puerto  Rico,
 and also an Online Store at
     Certain statements in  this press  release are forward-looking  statements
 made pursuant  to  the  safe  harbor  provisions  of  the  Private  Securities
 Litigation Reform Act  of 1995.   The forward-looking  statements may use  the
 words "expect",  "anticipate",  "plan",  "intend",  "project",  "believe"  and
 similar expressions.  These  forward-looking statements reflect the  Company's
 current expectations concerning  future events and  actual results may  differ
 materially from current expectations or historical results.  Any such forward-
 looking statements are subject  to various risks and uncertainties,  including
 failure by  the Company to  predict accurately  customer fashion  preferences;
 decline in  the demand  for merchandise  offered by  the Company;  competitive
 influences; changes in  levels of store  traffic or consumer spending  habits;
 effectiveness of the Company's brand awareness and marketing programs; general
 economic conditions or a downturn in the retail industry; the inability of the
 Company to  locate new  store sites  or  negotiate favorable  lease terms  for
 additional stores or for the expansion of existing stores; lack of  sufficient
 consumer interest in the Company's  Online Store; a significant change in  the
 regulatory environment applicable  to the Company's  business; an increase  in
 the rate  of import  duties or  export quotas  with respect  to the  Company's
 merchandise; financial or  political instability  in any of  the countries  in
 which the Company's goods  are manufactured; acts of  war or terrorism in  the
 United States or  worldwide; work stoppages,  slowdowns or strikes; and  other
 factors set forth in the Company's filings with the SEC.  The Company does not
 assume any obligation  to update or  revise any forward-looking statements  at
 any time for any reason.

SOURCE Ann Taylor