Ascena Retail Group, Inc. (NASDAQ – ASNA) (the “Company”) today reported financial results for its fiscal fourth quarter and full year ended July 27, 2013.
For the fourth quarter of Fiscal 2013, earnings from continuing operations were $0.23 per diluted share, while losses from discontinued operations were $0.05 per diluted share. This compares to earnings from continuing operations of $0.07 per diluted share and losses from discontinued operations of $0.06 per diluted share in the same period of Fiscal 2012. Adjusted earnings from continuing operations in the fourth quarter of Fiscal 2013 were $0.34 per diluted share, compared to $0.29 per diluted share in the prior year’s fourth quarter. Reference should be made to Note 2 in the accompanying unaudited consolidated financial information for a discussion of the use of “Non-GAAP Financial Measures.”
For the full year Fiscal 2013, earnings from continuing operations were $0.95 per diluted share, while losses from discontinued operations were $0.02 per diluted share. This compares to earnings from continuing operations of $1.08 per diluted share and losses from discontinued operations of $0.06 per diluted share in the same period of Fiscal 2012. Adjusted earnings from continuing operations for the full year Fiscal 2013 were $1.25 per diluted share, compared to $1.33 per diluted share in the prior year.
David Jaffe, President and Chief Executive Officer of Ascena Retail Group, Inc., commented, “We were pleased to see sales trends improve across all brands in Q4. We remain on track to achieve our long range synergy targets and are positioning the business for long term growth by continuing to build infrastructure and add strong new talent.”“As we head into Fiscal 2014, we expect macro-economic factors to continue to pressure the apparel industry. In light of that, we have taken a conservative approach to how we are planning Fall. Our teams are focused on driving profitable growth in 2014 and we feel that our brands are well positioned for this challenging environment.”
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