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                                 UNITED STATES
                                 -------------
                      SECURITIES AND EXCHANGE COMMISSION
                      ----------------------------------
                            WASHINGTON, D.C. 20549
                            ----------------------


                                   FORM 10-Q
                                   ---------


  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
  ---------------------------------------------------------------------------
                                   ACT OF 1934
                                   -----------

                 FOR THE QUARTERLY PERIOD ENDED AUGUST 2, 2003


                        Commission file number 1-11980


                                ANNTAYLOR, INC.
                                ---------------
            (Exact name of registrant as specified in its charter)


           DELAWARE                                     51-0297083
           --------                                     ----------
(State or other jurisdiction of         (I.R.S. Employer Identification Number)
incorporation or organization)


   142 WEST 57TH STREET, NEW YORK, NY                     10019
   ----------------------------------                     -----
(Address of principal executive offices)                (Zip Code)


                                (212) 541-3300
                                --------------
              (Registrant's telephone number, including area code)

     Indicate  by check  mark  whether  registrant  (1) has  filed  all  reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes |X| No   .
                                              ---   ---

     Indicate by check mark whether the registrant is an  accelerated  filer (as
defined in Rule 12b-2 of the Exchange Act). Yes    No |X|.
                                               ---    ---

     Indicate the number of shares  outstanding of each of the issuer's  classes
of common stock, as of the latest practicable date.


                                                 Outstanding as of
          Class                                   August 29, 2003
          -----                                   ---------------
COMMON STOCK, $1.00 PAR VALUE                              1
-----------------------------                              -

      The registrant meets the conditions set forth in General Instruction
H(1)(a) and (b) of Form 10-Q and is therefore filing this form with the
reduced disclosure format.

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<PAGE>2


                                INDEX TO FORM 10-Q
                                ------------------







                                                                      PAGE NO.
                                                                      --------
  PART I.  FINANCIAL INFORMATION
  ------------------------------

     Item 1. Financial Statements

             Condensed Consolidated Statements of Income
               for the Quarters and Six Months Ended August 2, 2003
               and August 3, 2002........................................ 3
             Condensed Consolidated Balance Sheets at
               August 2, 2003 and February 1, 2003....................... 4
             Condensed Consolidated Statements of Cash Flows
               for the Six Months Ended August 2, 2003 and
               August 3, 2002............................................ 5
             Notes to Condensed Consolidated Financial Statements........ 6

     Item 2. Management's Discussion and Analysis of Results of
               Operations................................................ 8

     Item 4. Controls and Procedures.....................................11


  PART II. OTHER INFORMATION
  --------------------------

     Item 6. Exhibits and Reports on Form 8-K............................12


  SIGNATURES    .........................................................13
  ----------

  EXHIBIT INDEX .........................................................14
  -------------


                                       2

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<PAGE>3

                           PART I. FINANCIAL INFORMATION
                           -----------------------------

ITEM 1.    FINANCIAL STATEMENTS

                                  ANNTAYLOR, INC.
                                  ---------------
                    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                    -------------------------------------------
      FOR THE QUARTERS AND SIX MONTHS ENDED AUGUST 2, 2003 AND AUGUST 3, 2002
                                    (UNAUDITED)




                                        QUARTERS ENDED       SIX MONTHS ENDED
                                     --------------------   --------------------
                                     AUGUST 2,  AUGUST 3,   AUGUST 2,  AUGUST 3,
                                       2003       2002        2003       2002
                                     -------     -------     -------    -------
                                                  (IN THOUSANDS)

Net sales ......................    $390,207    $343,143    $742,224    $688,535
Cost of sales ..................     187,646     161,965     350,648     320,794
                                     -------     -------     -------     -------

Gross margin ...................     202,561     181,178     391,576     367,741
Selling, general and
   administrative expenses .....     166,660     150,425     325,278     301,506
                                     -------     -------     -------     -------

Operating income ...............      35,901      30,753      66,298      66,235
Interest income ................         777         913       1,465       1,429
Interest expense ...............       1,674       1,826       3,368       3,525
                                     -------     -------     -------     -------

Income before income taxes .....      35,004      29,840      64,395      64,139
Income tax provision ...........      13,827      11,638      25,290      25,015
                                     -------     -------     -------     -------
    Net income .................    $ 21,177    $ 18,202    $ 39,105    $ 39,124
                                    ========    ========    ========    ========


      See accompanying notes to condensed consolidated financial statements.


                                       3

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<PAGE>4


                                   ANNTAYLOR, INC.
                                   ---------------
                        CONDENSED CONSOLIDATED BALANCE SHEETS
                        -------------------------------------
                         AUGUST 2, 2003 AND FEBRUARY 1, 2003
                                     (UNAUDITED)


                                                         AUGUST 2,   FEBRUARY 1,
                                                           2003         2003
                                                        ----------    ----------
                       ASSETS                                 (IN THOUSANDS)
Current assets
  Cash and cash equivalents ........................    $  259,594    $  212,821
  Accounts receivable, net .........................        14,830        10,367
  Merchandise inventories ..........................       168,683       185,484
  Prepaid expenses and other current assets ........        51,494        46,599
                                                        ----------    ----------
      Total current assets .........................       494,601       455,271
Property and equipment, net ........................       253,892       247,115
Goodwill, net ......................................       286,579       286,579
Deferred financing costs, net ......................         3,727         4,170
Other assets .......................................        15,492        17,691
                                                        ----------    ----------
      Total assets .................................    $1,054,291    $1,010,826
                                                        ==========    ==========

        LIABILITIES AND STOCKHOLDER'S EQUITY

Current liabilities
  Accounts payable .................................    $   68,842    $   57,058
  Accrued expenses .................................        88,217        94,137
                                                        ----------    ----------
      Total current liabilities ....................       157,059       151,195

Note payable to AnnTaylor Stores Corporation .......       123,386       121,652
Deferred lease costs and other liabilities .........        27,066        23,561


Stockholder's equity
  Common stock, $1.00 par value;
     1,000 shares authorized;
     1 share issued and outstanding ................             1             1
  Additional paid-in capital .......................       412,031       417,568
  Retained earnings ................................       334,748       296,849
                                                        ----------    ----------
      Total stockholder's equity ...................       746,780       714,418
                                                        ----------    ----------
      Total liabilities and stockholder's equity ...    $1,054,291    $1,010,826
                                                        ==========    ==========


       See accompanying notes to condensed consolidated financial statements.


                                       4
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<PAGE>5

                                 ANNTAYLOR, INC.
                                 ---------------
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                 -----------------------------------------------
            FOR THE SIX MONTHS ENDED AUGUST 2, 2003 AND AUGUST 3, 2002
                                   (UNAUDITED)


                                                            SIX MONTHS ENDED
                                                         ----------------------
                                                          AUGUST 2,   AUGUST 3,
                                                            2003        2002
                                                         ---------    ---------
                                                              (IN THOUSANDS)
Operating activities:
  Net income .........................................   $  39,105    $  39,124
  Adjustments to reconcile net income
   to net cash provided by operating activities:
    Amortization of deferred compensation ............       1,540        2,167
    Deferred income taxes ............................        (471)       1,340
    Depreciation and amortization ....................      25,640       23,736
    Gain on sale of proprietary credit
      card accounts receivable .......................        --         (2,095)
    Loss on disposal of property and equipment .......         725          347
    Non-cash interest ................................       2,177        2,117
    Changes in assets and liabilities:
      Receivables ....................................      (4,463)      (1,809)
      Merchandise inventories ........................      16,801       10,662
      Prepaid expenses and other current assets ......      (3,791)         115
      Accounts payable and accrued expenses ..........       5,864       18,155
      Other non-current assets and liabilities, net ..       5,070        1,629
                                                         ---------    ---------
  Net cash provided by operating activities ..........      88,197       95,488
                                                         ---------    ---------
Investing activities:
  Purchases of property and equipment ................     (33,141)     (17,572)
  Net proceeds from sale of proprietary credit
      card accounts receivable .......................         ---       57,800
                                                         ---------    ---------
  Net cash provided (used) by investing activities ...     (33,141)      40,228
                                                         ---------    ---------
Financing activities:
  Payments on mortgage ...............................        --         (1,250)
  Payment of financing costs .........................        --            (14)
  Parent company activity ............................      (8,283)      15,963
                                                         ---------    ---------
  Net cash provided (used) by financing activities ...      (8,283)      14,699
                                                         ---------    ---------
Net increase in cash .................................      46,773      150,415
Cash and cash equivalents, beginning of period .......     212,821       30,037
                                                         ---------    ---------
Cash and cash equivalents, end of period .............   $ 259,594    $ 180,452
                                                         =========    =========

Supplemental Disclosures of Cash Flow Information:
  Cash paid during the period for interest ...........   $   1,133    $   1,260
                                                         =========    =========
  Cash paid during the period for income taxes .......   $  19,239    $   8,234
                                                         =========    =========


  See accompanying notes to condensed consolidated financial statements.

                                       5

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<PAGE>6

                                ANNTAYLOR, INC.
                                ---------------
             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
             ----------------------------------------------------
                                  (UNAUDITED)


1.  BASIS OF PRESENTATION
--  ---------------------

    The condensed  consolidated  financial statements are unaudited but, in the
opinion  of  management,  contain  all  adjustments  (which  are  of  a  normal
recurring nature) necessary to present fairly the financial  position,  results
of  operations  and cash  flows  for the  periods  presented.  All  significant
intercompany accounts and transactions have been eliminated.

    The results of  operations  for the fiscal 2003  interim  periods  shown in
this report are not  necessarily  indicative  of results to be expected for the
fiscal year.

    The February 1, 2003  condensed  consolidated  balance  sheet  amounts have
been  derived  from  the  previously  audited  consolidated  balance  sheet  of
AnnTaylor, Inc. (the "Company").

    Detailed  footnote  information  is not  included  for the  quarters  ended
August  2,  2003 and  August  3,  2002.  The  financial  information  set forth
herein  should  be  read  in  conjunction  with  the  Notes  to  the  Company's
Consolidated  Financial  Statements  contained in its fiscal 2002 Annual Report
on Form 10-K.



2.  LONG-TERM DEBT
--  --------------

    The Company had  $123,386,000  in long term debt  outstanding  at August 2,
2003 in the form of a Note Payable to AnnTaylor Stores Corporation.


3.  RECENT ACCOUNTING PRONOUNCEMENTS
--  --------------------------------

      On May 15, 2003 the  Financial  Accounting  Standards  Board (the "FASB")
issued  SFAS No.  150,  "Accounting  for  Certain  Financial  Instruments  with
Characteristics  of both  Liabilities  and Equity".  SFAS No. 150 requires that
an  issuer  classify  financial  instruments  that are  within  its  scope as a
liability.   Many  of  those   instruments  were  classified  as  equity  under
previous  guidance.  Most of the guidance in SFAS No. 150 is effective  for all
financial  instruments  entered  into  or  modified  after  May 31,  2003,  and
otherwise  effective at the  beginning of the first  interim  period  beginning
after  June 15,  2003.  The  adoption  of SFAS No. 150 has had no impact on the
Company's  consolidated  financial  statements for the periods  presented.  The
Company will record  financial  instruments  entered into or modified in future
periods in accordance with the provisions of SFAS No. 150.


                                       6
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<PAGE>7

                             ANNTAYLOR, INC.
                             ---------------
             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
             ----------------------------------------------------
                                  (UNAUDITED)


3.    RECENT ACCOUNTING PRONOUNCEMENTS (CONTINUED)
--    --------------------------------------------

      On April 30, 2003 the FASB issued SFAS No. 149,  "Amendment  of Statement
133 on  Derivative  Instruments  and Hedging  Activities".  SFAS No. 149 amends
and  clarifies  accounting  for  derivative   instruments,   including  certain
derivative   instruments   embedded  in  other   contracts,   and  for  hedging
activities  under SFAS No. 133. SFAS No 149 is effective for contracts  entered
into  or  modified   after  June  30,  2003.   Management   has  evaluated  the
provisions  of SFAS No. 149,  and  determined  that it has had no impact on the
Company's  consolidated  financial  statements for the periods  presented.  The
Company will  evaluate  contracts  entered  into or modified in future  periods
and record them in accordance with the provisions of SFAS No. 149.


                                       7
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<PAGE>8


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS


RESULTS OF OPERATIONS

                                                           SIX MONTHS ENDED
                                                         ----------------------
                                                         AUGUST 2,    AUGUST 3,
                                                            2003         2002
                                                            ----         ----
Number of Stores:
   Open at beginning of period .........................      584         538
   Opened during period ................................       21          17
   Expanded or remodeled during period* ................        4         ---
   Closed during period ................................        2         ---
   Open at end of period ...............................      603         555
Type of Stores Open at End of Period:
   Ann Taylor stores ...................................      350         344
   Ann Taylor Loft stores ..............................      226         183
   Ann Taylor Factory Stores ...........................       27          28

----------------------------
* Expanded stores are excluded from  comparable  store sales for the first year
  following expansion.


SIX MONTHS ENDED AUGUST 2, 2003 COMPARED TO THE SIX MONTHS ENDED AUGUST 3, 2002

    The  Company's  net sales in the first six months of fiscal 2003  increased
to $742,224,000  from  $688,535,000  for the same period last year, an increase
of  $53,689,000  or 7.8  percent.  By  division,  net  sales  for the first six
months of fiscal 2003 were  $417,364,000  for Ann Taylor and  $259,931,000  for
Ann  Taylor  Loft.  Comparable  store  sales for the first six months of fiscal
2003  decreased  0.5 percent  compared to a decrease of 0.1 percent  during the
same period in fiscal 2002.  Comparable  store sales by division  were down 1.8
percent  for Ann Taylor and up 1.7  percent  for Ann Taylor  Loft.  The overall
sales  increase  was  primarily  the  result of an  increase  in the  number of
stores open as compared to last year.

    Gross  margin as a  percentage  of net sales  decreased to 52.8 percent for
the first six months of fiscal  2003 from 53.4  percent  during the same period
last  year.  The  decrease  in gross  margin  as a  percentage  of net sales is
primarily  due to lower full price  sales and lower  margin on  non-full  price
sales at Ann Taylor.

    Selling,  general and administrative expenses as a percent of net sales for
the first  six  months of fiscal  2003 were flat  compared  to the same  period
last year, at 43.8 percent of net sales.


                                       8

================================================================================
<PAGE>9

    As a  result  of  the  foregoing,  the  Company  had  operating  income  of
$66,298,000,  or 8.9  percent of net  sales,  in the first six months of fiscal
2003,  compared to  $66,235,000,  or 9.6 percent of net sales, in the first six
months of fiscal 2002.

    Interest  income was  $1,465,000  in the first six  months of fiscal  2003,
compared to $1,429,000 in the first six months of fiscal 2002.

    Interest  expense was  $3,368,000  in the first six months of fiscal  2003,
compared to $3,525,000 in the first six months of fiscal 2002.

    The income tax provision was $25,290,000,  or 39.3 percent of income before
taxes,  in the first six months of fiscal  2003,  compared to  $25,015,000,  or
39.0  percent of income  before  taxes,  for the same period last year.  During
the second quarter of fiscal 2003, the Company  increased its effective  income
tax rate from 39 percent to 40 percent to reflect higher state taxes.

    As a result  of the  foregoing  factors,  the  Company  had net  income  of
$39,105,000,  or 5.3  percent of net sales,  for the first six months of fiscal
2003,  compared to net income of $39,124,000,  or 5.7 percent of net sales, for
the first six months of fiscal 2002.


                                       9
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<PAGE>10


 STATEMENT REGARDING FORWARD-LOOKING DISCLOSURES

      Sections of this Quarterly  Report on Form 10-Q,  including the preceding
Management's  Discussion  and  Analysis of Financial  Condition  and Results of
Operations,  contain various 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  client 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;  the  potential  impact of health
concerns  relating  to  severe  acute  respiratory  syndrome,  particularly  on
manufacturing  operations of the Company's vendors in Asia and elsewhere;  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.


                                       10
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<PAGE>11

ITEM 4.  CONTROLS AND PROCEDURES
-------  -----------------------

      Under  the  supervision  and  with  the  participation  of the  Company's
management,   including  the  Chief  Executive   Officer  and  Chief  Financial
Officer,  the Company has conducted an evaluation of the  effectiveness  of the
design and operation of its  disclosure  controls and  procedures (as such term
is defined in Rules 13a-15(e) and 15d-15(e)  under the Securities  Exchange Act
of 1934, as amended (the  "Exchange  Act")) as of the end of the period covered
by this report (the  "Evaluation  Date").  There are  inherent  limitations  to
the  effectiveness  of  any  system  of  disclosure  controls  and  procedures,
including the  possibility of human error and the  circumvention  or overriding
of  the  controls  and  procedures.   Accordingly,  even  effective  disclosure
controls  and  procedures  can only provide  reasonable  assurance of achieving
their  control  objectives.  Based  on such  evaluation,  the  Chief  Executive
Officer and Chief  Financial  Officer have concluded that, as of the Evaluation
Date,  the  Company's  disclosure  controls  and  procedures  are  effective in
alerting  them on a  timely  basis  to  material  information  relating  to the
Company  (including its consolidated  subsidiaries)  required to be included in
the Company's reports filed or submitted under the Exchange Act.

      There was no change in the  Company's  internal  control  over  financial
reporting  during  the  quarterly  period  covered  by  this  report  that  has
materially  affected,  or  is  reasonably  likely  to  materially  affect,  the
Company's internal control over financial reporting.



                                       11
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<PAGE>12

                          PART II. OTHER INFORMATION
                          --------------------------


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

   (a)    Exhibits:

           Exhibit
           Number    Description
           ------    -----------


           31.1      Certification of chief executive officer pursuant to
                     Section 302 of the Sarbanes-Oxley Act of 2002.

           31.2      Certification of chief financial officer pursuant to
                     Section 302 of the Sarbanes-Oxley Act of 2002.

           32.1      Certification of chief executive officer and chief
                     financial officer pursuant to Section 906 of the
                     Sarbanes-Oxley Act of 2002.

   (b)    Reports on Form 8-K:

             The following reports on Form 8-K were filed during the quarter
      covered by this report:

                 DATE OF REPORT     ITEM(S) REPORTED
                 --------------     ----------------
                   5/8/03           Item 7 and Item 12
                   5/14/03          Item 7 and Item 12
                   6/5/03           Item 7 and Item 9
                   7/10/03          Item 7 and Item 9

             The report on Form 8-K dated May 14, 2003 included the Condensed
      Consolidated Statements of Operations for the quarters ended May 3, 2003
      and May 4, 2002 and Condensed Consolidated Balance Sheets at May 3, 2003
      and February 1, 2003 of AnnTaylor Stores Corporation.


                                       12
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<PAGE>13


                                SIGNATURES
                                ----------



      Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.




                                    ANNTAYLOR, INC.



Date:     September 12, 2003        By:   /s/J. Patrick Spainhour
          ------------------              ----------------------------
                                             J. Patrick Spainhour
                                             Chairman, Chief Executive
                                             Officer




Date:     September 12, 2003        By:   /s/James M. Smith
          ------------------              -----------------------------
                                             James M. Smith
                                             Senior Vice President,
                                             Chief Financial Officer and
                                             Treasurer








                                       13
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<PAGE>14


EXHIBIT INDEX
-------------

Exhibit
Number     Description
------     -----------


31.1       Certification of chief executive officer pursuant to Section 302 of
           the Sarbanes-Oxley Act of 2002.

31.2       Certification of chief financial officer pursuant to Section 302 of
           the Sarbanes-Oxley Act of 2002.

32.1       Certification of chief executive officer and chief financial
           officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.



                                       14


