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Ascena Retail Group, Inc. Reports First Quarter 2013 Results

Common Stock Split

On April 3, 2012, the Company issued a two-for-one common stock split, effected in the form of a 100% stock dividend. All common share and earnings per share data presented in the attached unaudited consolidated financial statements has been adjusted to reflect the stock split.

Other Reclassifications

Certain other immaterial reclassifications also have been made to the prior period’s financial information in order to conform to the current period’s presentation.

Note 2. Use of Non-GAAP Financial Measures

To provide investors information to assist them in assessing the Company’s ongoing operations on a comparable basis, the Company has provided Fiscal 2013 financial measures in this press release that exclude the effects of certain non-recurring purchase accounting costs and certain other acquisition-related, integration and restructuring costs relating to the Charming Acquisition. In addition, 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. Throughout this release, the term “reported” refers to information prepared in accordance with accounting principles generally accepted in the United States (GAAP), while the term “adjusted” refers to non-GAAP financial information adjusted to exclude such costs. All information below is presented for the Company’s continuing operations.

             
(in millions, except per share amounts)                    
FY 2013
Diluted
net
Income income
before per
income Income Net common
taxes     taxes     income     share
Reported basis – continuing operations $68.4 $22.2 $46.2 $0.29
Adjustments:
Non-recurring purchase accounting adjustment to increase inventory basis 19.9 7.4 12.5 0.08
Acquisition-related integration and restructuring costs 6.4 2.3 4.1 0.02
Executive contractual obligation costs --     --     --     --
Adjusted basis – continuing operations $94.7     $31.9     $62.8     $0.39
 
 
FY 2012
Diluted
net
Income income
before per
income Income Net common
taxes     taxes     income     share
Reported basis – continuing operations $77.2 $29.7 $47.5 $0.30
Adjustments:
Non-recurring purchase accounting adjustment to increase inventory basis -- -- -- --
Acquisition-related integration and restructuring costs 1.4 0.6 0.8 0.01
Executive contractual obligation costs 5.4     2.0     3.4     0.02
Adjusted basis – continuing operations $84.0     $32.3     $51.7     $0.33
 
     

Gross margin:

(in millions) FY2013     FY2012
First Quarter
Reported basis $655.6 $439.8
Adjustments:
Non-recurring purchase accounting adjustment to increase inventory basis 19.9    

--

Adjusted basis $675.5     $439.8
 

Operating income:

(in millions) FY2013     FY2012
First Quarter
Reported basis $72.9 $76.5
Adjustments:
Non-recurring purchase accounting adjustment to increase inventory basis 19.9

--

Acquisition-related integration and restructuring costs 6.4

1.4

Executive contractual obligation costs --     5.4
Adjusted basis $99.2     $83.3




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