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Ascena Retail Group, Inc. Reports Second Quarter 2013 Results

Stocks in this article: ASNA

Mr. Jaffe concluded, “We made solid progress positioning the business for long term growth during the first half of the year by continuing to build our talent base and investing in infrastructure to drive ongoing margin improvement and new store growth. We continue to be excited by the growth and efficiency opportunities created by the integration of our acquisition and strategies to fully leverage our portfolio.”

Fiscal Second Quarter Results

Consolidated comparable store sales excluding e-commerce decreased by 1% for the period, with continued positive comps at Justice and Catherines, up 4% and 6%, respectively. E-commerce sales increased by 123% to $115 million on a consolidated basis, and 27% on a comparable basis. Combined, comparable store and e-commerce sales increased by 2%.

Soft holiday sales and a challenging external environment drove negative comparable store sales at Lane Bryant, maurices and dressbarn. Second quarter sales also were negatively impacted by Hurricane Sandy in the Northeast and the Company believes that middle income consumers were impacted by a weak economic outlook driven, in part, by tax increases.

Net sales for the second quarter of Fiscal 2013 increased 44% to $1.238 billion, compared to $862 million for last year’s second quarter, largely driven by the inclusion of sales from the newly acquired Lane Bryant and Catherines businesses, along with a 5% increase in sales from the Company’s legacy family of brands.

The Company’s comparable store and e-commerce sales data for the second fiscal quarter is summarized below:

Second Quarter Sales (Unaudited)
          Net Sales (millions)

Comparable

Store

Sales*

January 26, 

2013

   

January 28,

2012

Justice 4 % $441.9 $407.2
Lane Bryant* (5 %) 259.4 --
maurices (1 %) 240.7 224.6
dressbarn (6 %) 221.4 230.2
Catherines* 6 % 74.1   --
Total Company (1 %) $1,237.5 $862.0
E-commerce comparable sales 27 %

Total comparable sales

2

%

*Comparable store sales include stores open for at least one year. Comparable store sales for Lane Bryant and Catherines include sales for all stores that were open in both that period and the comparative period in the prior year.

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