Exhibit 99.1

FOR IMMEDIATE RELEASE

ANN INC. Reports Record Second Quarter 2012 EPS of $0.63, an

Increase of 34% Over Second Quarter 2011

—Strong Performance Driven By Increased Sales and Record Gross Margin Rate —

—Company Delivers Positive Comp Performance in all Channels of the Ann Taylor and LOFT Brands —

—Operating Income Increases 27% —

—Company Raises Outlook for Fiscal 2012 —

New York, NY, August 17, 2012 – ANN INC. (NYSE: ANN) today reported results for the fiscal second quarter of 2012, ended July 28, 2012. The Company also provided its outlook for the third quarter and raised its outlook for the full year of fiscal 2012.

For the fiscal second quarter of 2012, the Company reported earnings per diluted share of $0.63, an increase of 34 percent compared with earnings per diluted share of $0.47 in the second quarter of 2011.

Kay Krill, President and Chief Executive Officer, commented, “We are extremely pleased with ANN INC.’s record earnings per share of $0.63 this quarter, up 34% over last year. Our outstanding results were driven by a seven percent increase in sales, including a comparable sales increase of five percent, a record gross margin rate of 56 percent and a 27 percent increase in operating income.

“At the Ann Taylor brand, performance accelerated significantly from the first quarter, reflecting stronger sales and profitability, including positive comps in the Ann Taylor stores channel and continued profitable growth in the e-commerce and factory outlet channels. LOFT also delivered excellent sales and profitability results, including strong margin and continued solid comp growth on top of last year’s double-digit increase. Clearly, our performance at both brands demonstrated strong product acceptance driven by the successful delivery of compelling fashion, excellent quality, outstanding value and an engaging shopping experience, in store and online.”

Fiscal 2012 Second Quarter Results

Total net sales for the second quarter of fiscal 2012 were $594.9 million, compared with net sales of $558.2 million in the second quarter of fiscal 2011. By brand, net sales across all channels of the Ann Taylor brand totaled $233.3 million in the second quarter of 2012, compared with net sales of $217.9 million in the second quarter of 2011. At the LOFT brand, net sales across all channels totaled $361.6 million in the second quarter of 2012, compared with net sales of $340.3 million in the second quarter of 2011.

Total Company comparable sales for the quarter increased 4.7% versus the second quarter of 2011. At Ann Taylor, total brand comparable sales increased 5.6%, reflecting increases of 3.2% at Ann Taylor stores, 29.0% in the Ann Taylor e-commerce channel and 2.1% in the Ann Taylor Factory channel. At LOFT, total brand comparable sales were up 4.2%, reflecting increases of 4.1% at LOFT stores, 14.6% in the LOFT e-commerce channel and 0.3% 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, reached a record 55.9%, compared with the 55.0% gross margin rate achieved in the second quarter of 2011. The outstanding gross margin performance in the second quarter of 2012 reflected strong client response to our product and lower promotional activity versus the second quarter of 2011 at both brands.

Selling, general and administrative expenses for the second quarter of 2012 were $279.5 million versus $265.1 million reported in the second quarter of 2011. As a percentage of net sales, selling, general and administrative expenses improved to 47.0% compared to the second quarter 2011 rate of 47.5%. The improved SG&A rate during the second quarter of 2012 primarily reflected fixed cost leveraging resulting from higher net sales, partially offset by expenses associated with our year-over-year store growth and other expenses supporting the expansion of the business.

The Company reported operating income of $52.9 million in the second quarter of 2012, an increase of 27% compared with operating income of $41.7 million in the second quarter of 2011. Net income was $30.7 million in the second quarter of 2012, an increase of 24% versus the $24.8 million reported in the second quarter of 2011. Diluted earnings per share was $0.63, an increase of 34% compared to the $0.47 per diluted share reported in the second quarter of 2011.

The Company ended the quarter with approximately $133 million in cash and cash equivalents, following the repurchase of approximately 1.6 million shares of its stock at a cost of approximately $40 million during the fiscal second quarter of 2012.

Total inventory per square foot, excluding e-commerce, at the end of the fiscal second quarter of 2012 increased 2%, reflecting an 11% increase at Ann Taylor stores, a 2% increase at LOFT stores and a 9% decrease in the factory outlet channel. The increase at Ann Taylor stores reflects earlier receipt of goods in-transit versus last year, without which, inventory per square foot at Ann Taylor stores would have increased by approximately 3%.

During the second quarter of fiscal 2012, the Company opened 17 stores, comprised of three Ann Taylor stores, one Ann Taylor Factory store, seven LOFT stores and six LOFT Outlet stores, and closed two LOFT stores. The total store count at the end of the fiscal second quarter was 962, comprised of 277 Ann Taylor stores, 100 Ann Taylor Factory stores, 505 LOFT stores, and 80 LOFT Outlet stores.

First Half Fiscal 2012 Results

Net sales for the first six months of fiscal 2012 were $1,155.3 million, compared with net sales of $1,081.8 million in the first half of fiscal 2011. By brand, net sales across all channels of the Ann Taylor brand were $445.7 million in the first half of 2012, compared with net sales of $440.8 million in the first half of 2011. At the LOFT brand, net sales across all channels were $709.6 million in the first half of 2012, compared with net sales of $641.1 million in the first half of 2011.

Total Company comparable sales for the first half of 2012 increased 4.3%, on top of an increase of 8.2% in the comparable period of 2011. At Ann Taylor, total brand comparable sales decreased 0.8%, including a decrease of 6.6% at Ann Taylor stores, partially offset by increases of 18.0% in the Ann Taylor e-commerce channel and 1.5% in the Ann Taylor Factory channel. At LOFT, total brand comparable sales increased by 7.5%, including increases of 6.9% at LOFT stores, 22.4% in the LOFT e-commerce channel and 2.5% 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 56.2% in the first half of 2012, compared with 56.1% in the first half of 2011.

Selling, general and administrative expenses for the first half of 2012 were $551.5 million, versus $519.2 million in the first half of 2011. As a percentage of net sales, selling, general and administrative expenses improved 30 basis points versus the prior year to 47.7%. The improvement in the SG&A rate primarily reflected fixed cost leveraging resulting from higher net sales, partially offset by expenses associated with our year-over-year store growth and other expenses supporting the expansion of the business.

The Company reported operating income of $98.3 million in the first half of 2012, an increase of 12% compared with operating income of $87.6 million in the first half of 2011. Net income was $59.5 million in the first half of 2012, an increase of 14% versus the $52.1 million reported in the first half of 2011. Diluted earnings per share in the first half of 2012 was $1.21 per diluted share, an increase of 25% over the $0.97 per diluted share reported in the first half of 2011.

Outlook for Fiscal Third-Quarter and Full-Year 2012

For the fiscal third quarter of 2012, the Company expects total net sales to be $600 million, reflecting a total Company comparable sales increase in the mid-single digits. Gross margin rate performance is expected to approach 58.0%. Selling, general and administrative expenses are estimated to approach $290 million.

In terms of the full year, the Company has increased its outlook, as follows:

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 962 Ann Taylor, Ann Taylor Factory, LOFT and LOFT Outlet stores in 46 states, the District of Columbia and Puerto Rico as of July 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 Six Months Ended July 28, 2012 and July 30, 2011

(unaudited)

Table 1.

ANN INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

July 28, 2012, January 28, 2012 and July 30, 2011

(unaudited)

Table 2.

ANN INC.

Brand Sales and Store Data

For the Quarters and Six Months Ended July 28, 2012 and July 30, 2011

(unaudited)

Table 3.

Sales and Comps

Table 3. (Continued)

Stores and Square Footage

Stores and Square Footage