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Ascena Retail Group, Inc. Reports Second Quarter 2013 Results

Earnings per share from continuing operations for the second quarter of Fiscal 2013 was $0.23 per diluted share, compared to $0.40 of earnings per diluted share from continuing operations for the second quarter of Fiscal 2012. Adjusted earnings per share from continuing operations for the second quarter of Fiscal 2013 was $0.26 per diluted share, compared to $0.40 of earnings per diluted share for the second quarter of Fiscal 2012.

Fiscal Second Quarter Balance Sheet Highlights

The Company ended the second quarter of Fiscal 2013 with cash and investments of $325.7 million and total debt of $277.4 million, compared to $168.9 million of cash and investments and $326.6 million of debt at the end of Fiscal 2012. During the quarter, we prepaid approximately $20 million of the outstanding principal balance of our term loan.

Reaffirms Fiscal July 2013 Earnings Guidance

The Company reaffirms its latest guidance for adjusted earnings per diluted share from continuing operations for the fiscal year ending July 2013 in the range of $1.20 to $1.30, excluding one-time, financing-related and acquisition-related integration, restructuring and purchase accounting costs that may be incurred resulting from the Charming Acquisition. The guidance is based upon various assumptions, including spring season comparable store sales increases in the range of 0% to 3% and comparable e-commerce sales growth of approximately 25%. Spring Season store openings are expected to be in the range of 100 – 120 and closings are expected to be in the range of 40 – 60.

Conference Call Information

The Company will conduct a conference call today, March 4, 2013, at 4:30 PM Eastern Time to review its second quarter of Fiscal 2013 results, followed by a question and answer session. Parties interested in participating in this call should dial in at (617) 213-8896 prior to the start time, the passcode is 63056313. The call will also be simultaneously broadcast at www.ascenaretail.com. A recording of the call will be available shortly after its conclusion and until April 4, 2013 by dialing (617) 801-6888, the passcode is 76785292.

About Ascena Retail Group, Inc.

Ascena Retail Group, Inc. (NASDAQ: ASNA) is a leading specialty retailer offering clothing, shoes, and accessories for missy and plus-size women and tween girls, under the Justice, Lane Bryant, maurices, dressbarn and Catherines brands. Ascena Retail Group, Inc. operates through its subsidiaries approximately 3,800 stores throughout the United States, Puerto Rico and Canada.

For more information about Ascena Retail Group, Inc. and its brands, visit www.ascenaretail.com, www.charmingshoppes.com, www.shopjustice.com, www.lanebryant.com, www.maurices.com, www.dressbarn.com, www.catherines.com, www.cacique.com, www.figis.com and www.figisgallery.com.

Forward-Looking Statements

Certain statements made within this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. The Company does not undertake to publicly update or review its forward-looking statements even if experience or future changes make it clear that our projected results expressed or implied will not be achieved. Detailed information concerning a number of factors that could cause actual results to differ materially from the information contained herein is readily available in the Company’s most recent Annual Report on Form 10-K for the year ended July 28, 2012 and in its last filed Quarterly Report on Form 10-Q for the quarter ended October 27, 2012.

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