Ascena Retail Group, Inc. (NASDAQ – ASNA) today reported financial results for its fiscal first quarter ended October 27, 2012.
Ascena’s financial results for its fiscal first quarter ended October 27, 2012 reflect its acquisition of Charming Shoppes, Inc. (“Charming”) on June 14, 2012 (the “Charming Acquisition”). In connection with the Charming Acquisition, the Company has incurred certain non-recurring purchase accounting costs and certain other acquisition-related integration and restructuring costs during its first quarter of Fiscal 2013. In addition, the first quarter of Fiscal 2012 also included certain non-recurring costs. Management believes that all of such costs are not indicative of the Company’s underlying operating performance. As such, adjusted results for the first quarter of Fiscal 2013, which exclude the effect of such acquisition-related costs and Fiscal 2012, have been presented to supplement the reported results for each period. Reference should be made to Note 2 to the unaudited 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 First Quarter Results
On a reported basis, income from continuing operations for the first quarter of Fiscal 2013 was $46.2 million, representing a decrease to the year-ago quarter’s income from continuing operations of $47.5 million. Earnings per share from continuing operations for the first quarter of Fiscal 2013 decreased to $0.29 per diluted share, compared to $0.30 of earnings per diluted share from continuing operations for the first quarter of Fiscal 2012. 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 first quarter of Fiscal 2013 was $43.1 million and earnings per diluted share were $0.27.On an adjusted basis, income from continuing operations for the first quarter of Fiscal 2013 was $62.8 million, representing an increase to the year-ago quarter’s income from continuing operations of $51.7 million. Adjusted earnings per share from continuing operations for the first quarter of Fiscal 2013 increased to $0.39 per diluted share, compared to $0.33 of earnings per diluted share for the first quarter of Fiscal 2012.
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