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Ascena Retail Group, Inc. Reports Fourth Quarter And Fiscal Year 2012 Results

Ascena Retail Group, Inc. (NASDAQ – ASNA) today reported financial results for its fiscal fourth quarter and full year ended July 28, 2012.

Ascena’s financial results for its fiscal fourth quarter and full year ended July 28, 2012 reflect its acquisition of Charming Shoppes, Inc. (“Charming”) on June 14, 2012 (the “Charming Acquisition”). Accordingly, operating results for those periods are not comparable to the prior year. In order to enhance comparability, adjusted results that exclude the effect of the Charming Acquisition have been presented to supplement the reported results for all periods of Fiscal 2012. Fiscal 2011 is presented on a GAAP basis. Reference should be made to Note 2 to the consolidated financial statements included elsewhere in this release for a reconciliation of adjusted, non-GAAP financial measures to the most directly comparable GAAP financial measures.

Fiscal Fourth Quarter Results

On a reported basis, income from continuing operations for the fourth quarter of Fiscal 2012 was $11.2 million, representing a decrease to the year-ago quarter’s income from continuing operations of $28.2 million. Earnings per share from continuing operations for the fourth quarter of Fiscal 2012 decreased to $0.07 per diluted share, compared to $0.18 of earnings per diluted share from continuing operations for the fourth quarter of Fiscal 2011. Including the discontinued operations of the newly acquired Fashion Bug and Figi’s businesses, which are intended to be disposed of, net income for the fourth quarter of Fiscal 2012 was $1.6 million and earnings per diluted share was $0.01.

On an adjusted basis, income from continuing operations for the fourth quarter of Fiscal 2012 was $49.0 million, representing an increase to the year-ago quarter’s net income of $28.2 million. Adjusted earnings per share from continuing operations for the fourth quarter of Fiscal 2012 increased to $0.31 per diluted share, compared to $0.18 of earnings per diluted share on a reported basis for the fourth quarter of Fiscal 2011.

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