Ascena Retail Group, Inc. (NASDAQ – ASNA) (the “Company”) today reported financial results for its fiscal first quarter ended October 26, 2013.
For the first quarter of Fiscal 2014, earnings from continuing operations were $0.33 per diluted share, while losses from discontinued operations were $0.01 per diluted share. This compares to earnings from continuing operations of $0.29 per diluted share and losses from discontinued operations of $0.02 per diluted share in the same period of Fiscal 2013. Adjusted earnings from continuing operations in the first quarter of Fiscal 2014 were $0.36 per diluted share, compared to $0.39 per diluted share in the prior year’s first quarter. The decrease in diluted earnings per share was primarily due to increased depreciation expense from growth and infrastructure investments. 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.”
David Jaffe, President and Chief Executive Officer of Ascena Retail Group, Inc., commented, “We were pleased that our top line momentum continued into the first quarter, with all of our brands generating positive total comps. We also continued to make progress on our strategic priorities during the quarter, including our synergy initiatives, which will position the business for long term growth.”
“We expect the retail environment to be challenging for the foreseeable future, with a highly promotional holiday season. We have taken a conservative approach to planning inventory, and have developed promotional contingencies to ensure we end the season clean. Regardless of the environment, our teams are focused on driving profitable growth, and we feel that our brands are well positioned for success.”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 under the Lane Bryant, Cacique, maurices, dressbarn and Catherines brands; and for tween girls and boys, under the Justice and Brothers brands. Ascena Retail Group, Inc. operates through its subsidiaries approximately 3,900 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.shopjustice.com, www.lanebryant.com, www.maurices.com, www.dressbarn.com, www.catherines.com, www.cacique.com and www.shopbrothers.com. Fiscal First Quarter Results Net sales for the first quarter of Fiscal 2014 increased 5% to $1.197 billion, compared to $1.138 billion in the prior year’s first quarter. This growth was driven by a consolidated total comparable sales increase of 4% for the quarter versus the prior year.