Exhibit 99.1

FOR IMMEDIATE RELEASE

ANN INC. Reports Fourth Quarter and Full Year 2011 Results

— Company Provides Outlook for the Fiscal First Quarter and Full Year 2012 —

New York, NY, March 9, 2012 – ANN INC. (NYSE: ANN) today reported results for the fiscal fourth quarter and full year of 2011, ended January 28, 2012. The Company also provided its outlook for the first quarter and full year of fiscal 2012.

For the fiscal fourth quarter of 2011, the Company reported earnings per diluted share of $0.10, excluding $0.06 per diluted share in after-tax charges associated with its previously announced management realignment, compared with earnings per diluted share of $0.19 in the fourth quarter of 2010, excluding after-tax restructuring charges of $0.05 per diluted share. On a GAAP basis, including the aforementioned charges, earnings per diluted share were $0.04 in the fourth quarter of 2011, compared with $0.14 in the fourth quarter of 2010.

For the full year of fiscal 2011, the Company reported earnings per diluted share of $1.70, excluding $0.06 per diluted share in after-tax management realignment charges, an increase of 31% compared with earnings per diluted share of $1.30 in the full year of fiscal 2010, excluding after-tax restructuring charges totaling $0.06 per diluted share. On a GAAP basis, including the aforementioned management realignment and restructuring charges, earnings per diluted share were $1.64 in fiscal 2011, compared with $1.24 per diluted share in fiscal 2010.

Kay Krill, President and CEO commented, “For 2011, ANN INC. delivered another year of significant profitable growth, reflecting double digit increases in sales, net income and earnings per diluted share. Total net sales for the year rose 12 percent, with net income, excluding charges, up 17 percent and diluted earnings per share, excluding charges, up 31 percent. During 2011, we also delivered on our commitment to further enhance shareholder value through the repurchase of 7.3 million shares, or nearly 15 percent of our outstanding shares.

“For the fourth quarter, the Company delivered a ten percent increase in total net sales. However, our overall bottom-line results were impacted by significantly higher-than-anticipated promotional activity in the Ann Taylor stores channel. Importantly, the Anntaylor.com and Ann Taylor Factory channels delivered strong results in the quarter. Our LOFT brand delivered outstanding results across all three channels. We achieved very positive client response to LOFT’s product offering in LOFT stores, as well as in our e-commerce and outlet channels during the quarter.

“Looking ahead to 2012, we are focused on continuing LOFT’s strong momentum as well as improving the sales productivity and profitability at Ann Taylor stores. We will continue to aggressively manage all operational aspects of the business, while remaining focused on accelerating our strategic growth initiatives that are expected to benefit this year and beyond.”

Fiscal 2011 Fourth Quarter Results

Total net sales for the fourth quarter of fiscal 2011 were $566.7 million, compared with net sales of $515.3 million in the fourth quarter of fiscal 2010. By brand, net sales across all channels of the Ann Taylor brand totaled $237.4 million in the fourth quarter of 2011, compared with net sales of $234.9 million in the fourth quarter of 2010. At the LOFT brand, net sales across all channels were $329.3 million in the fourth quarter of 2011, compared with net sales of $280.4 million in the fourth quarter of 2010.

Total Company comparable sales for the quarter increased 5.3% versus the fourth quarter of 2010. At Ann Taylor, total brand comparable sales decreased 1.1%, reflecting a decrease of 10.9% at Ann Taylor stores, partially offset by increases of 28.0% in the Ann Taylor e-commerce channel and 5.7% in the Ann Taylor Factory channel. At LOFT, total brand comparable sales increased 10.5%, reflecting increases of 8.1% at LOFT stores, 28.1% in the LOFT e-commerce channel and 10.3% in the LOFT Outlet channel. (Please refer to Table 3 for a breakdown of sales by brand and channel.)

Gross margin, as a percentage of net sales, was 48.9%, versus the 51.7% gross margin rate achieved in the fourth quarter of 2010. This gross margin performance primarily reflected a significantly higher level of promotional activity in the Ann Taylor stores channel versus the fourth quarter of 2010.

Selling, general and administrative expenses for the fourth quarter of 2011 were $274.0 million versus $252.0 million reported in the fourth quarter of 2010. As a percentage of net sales, selling, general and administrative expenses improved 50 basis points versus the prior year to 48.4%. This improvement in SG&A rate reflected higher net sales and continued aggressive management of expenses, partially offset by one-time costs associated with the aforementioned management realignment.

During the quarter, the Company recorded a pre-tax charge of $5.5 million associated with its previously announced management realignment. During the fourth quarter of 2010, the Company recorded pre-tax restructuring charges of $3.9 million associated with its strategic restructuring program. On an after-tax basis, these charges totaled $3.3 million, or $0.06 per diluted share in the fourth quarter of 2011 and $3.0 million, or $0.05 per diluted share, in the fourth quarter of 2010.

Excluding the aforementioned pre-tax charges, the Company reported operating income of $8.7 million for the quarter, compared with operating income of $14.3 million in the fourth quarter of 2010. On the same basis, the Company reported net income in the quarter of $5.5 million, or $0.10 per diluted share, compared with net income of $11.0 million, or $0.19 per diluted share in the fourth quarter of 2010. On a GAAP basis, the Company reported operating income of $3.2 million in the fourth quarter of 2011, compared with operating income of $10.3 million in the fourth quarter of 2010. On the same basis, the Company reported net income of $2.2 million, or $0.04 per diluted share in the fourth quarter of 2011, compared with net income of $8.0 million, or $0.14 per diluted share in the fourth quarter of 2010. The tax rate used to calculate non-GAAP after-tax charges and non-GAAP net income for the fourth quarter of 2011 was based on the Company’s full year effective tax rate.

During the fourth quarter of 2011, the Company opened eight new stores, comprised of four Ann Taylor stores, two LOFT stores and two Ann Taylor Factory stores, and closed five LOFT stores.

Fiscal Year 2011 Results

Total net sales for the full year of fiscal 2011 were $2.2 billion, compared with net sales of nearly $2.0 billion in the full year of fiscal 2010. By brand, net sales across all channels of the Ann Taylor brand totaled $907.9 million in fiscal 2011, compared with net sales of $863.7 million in fiscal 2010. At the LOFT brand, net sales across all channels were $1,304.6 million in 2011, compared with net sales of $1,116.5 million in 2010.

Total Company comparable sales for fiscal 2011 increased 6.8% versus the prior year. At Ann Taylor, total brand comparable sales increased 5.2%, reflecting a decrease of 1.2% at Ann Taylor stores, which was more than offset by increases of 36.8% in the Ann Taylor e-commerce channel and 5.7% in the Ann Taylor Factory channel. At LOFT, total brand comparable sales were up 8.0%, reflecting increases of 5.4% at LOFT stores, 28.7% in the LOFT e-commerce channel and 14.2% in the LOFT Outlet channel. (Please refer to Table 3 for a breakdown of sales by brand and channel.)

Gross margin, as a percentage of net sales, was 54.6%, compared with 55.8% in fiscal 2010.

Selling, general and administrative expenses increased to $1,062.6 million versus $978.6 million in fiscal 2010. As a percentage of net sales, selling, general and administrative expenses decreased to 48.0% in fiscal 2011, reflecting 140 basis points leverage versus 49.4% in fiscal 2010.

During fiscal 2011, the Company recorded pre-tax management realignment charges of $5.5 million, compared with pre-tax restructuring charges totaling $5.6 million in fiscal 2010. On an after-tax basis, these charges totaled $3.3 million, or $0.06 per diluted share, in fiscal 2011, compared with $3.5 million, or $0.06 per diluted share, in fiscal 2010.

Excluding the aforementioned pre-tax charges, operating income for the full year of fiscal 2011 was $151.0 million, compared with operating income of $125.4 million in 2010. On a GAAP basis, the Company reported operating income of $145.5 million in 2011, compared to operating income of $119.8 million in 2010.

Net income, excluding the aforementioned after-tax charges, totaled $89.9 million, or $1.70 per diluted share, for the full year of fiscal 2011, compared with net income of $76.9 million, or $1.30 per diluted share, for the full year of fiscal 2010. On a GAAP basis, including the aforementioned charges, net income for 2011 was $86.6 million, or $1.64 per diluted share, compared with net income of $73.4 million, or $1.24 per diluted share in 2010.

The Company ended the year with approximately $150 million in cash and cash equivalents.

Total inventory per square foot, excluding e-commerce, declined 1% at the end of fiscal 2011. This reflected an inventory per square foot decrease of 11% at Ann Taylor stores, an increase of 6% at LOFT stores and a decrease of 6% in the factory outlet channel.

During fiscal 2011, the Company opened 76 stores, comprised of 17 Ann Taylor stores, seven Ann Taylor Factory stores, 14 LOFT stores and 38 LOFT Outlet stores and closed 19 stores, comprised of three Ann Taylor stores and 16 LOFT stores. The total store count at the end of the fiscal year was 953, comprised of 280 Ann Taylor stores, 99 Ann Taylor Factory stores, 500 LOFT stores, and 74 LOFT Outlet stores.

Outlook for Fiscal First-Quarter and Full-Year 2012

For the fiscal first quarter of 2012, the Company expects total net sales to be $560 million, reflecting a total Company comparable sales increase in the low-single digits. Gross margin rate performance is expected to approach 56.5%. Selling, general and administrative expenses are estimated to approach $275 million.

In terms of the full year, the Company provided the following outlook:

About ANN INC.

ANN INC. is the parent Company of Ann Taylor and LOFT, two of the leading women’s specialty retail fashion brands in the United States. The Company operates 953 Ann Taylor, Ann Taylor Factory, LOFT and LOFT Outlet stores in 46 states, the District of Columbia and Puerto Rico as of January 28, 2012, as well as online at AnnTaylor.com and LOFT.com. Visit ANNINC.com for more information (NYSE: ANN).

Forward-Looking Statements

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,” “may,” “believe” and similar expressions. Forward-looking statements also include representations of the expectations or beliefs of the Company concerning future events that involve risks and uncertainties, including:

Further description of these risks and uncertainties and other important factors are set forth in the Company’s latest Annual Report on Form 10-K, including but not limited to Item 1A – Risk Factors and Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations therein, and in the Company’s other filings with the SEC. Although these forward-looking statements reflect the Company’s current expectations concerning future events, actual results may differ materially from current expectations or historical results. The Company does not assume any obligation to publicly update or revise any forward-looking statements at any time for any reason.

ANN INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

For the Quarters and Years Ended January 28, 2012 and January 29, 2011

(unaudited)

Table 1.

ANN INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

January 28, 2012 and January 29, 2011

(unaudited)

Table 2.

ANN INC.

Brand Sales and Store Data

For the Quarters and Years Ended January 28, 2012 and January 29, 2011

(unaudited)

Table 3.

ANN INC.

Brand Sales and Store Data

For the Quarters and Years Ended January 28, 2012 and January 29, 2011

(unaudited)

Table 3. (Continued)