Wall Street is forecasting that Ascena Retail (ASNA) - Get Report will post lower first-quarter earnings and revenue than a year ago after Thursday's closing bell.

Analysts surveyed by FactSet are looking for adjusted earnings of 20 cents per share on revenue of $1.71 billion. During the same quarter a year ago, the parent company of Ann Taylor and Lane Bryant earned an adjusted 36 cents per diluted share on revenue of $1.79 billion.

Comparable-store sales are projected to drop 3.9% during the most recent period, according to FactSet. Last year, comparable-store sales fell 3.0%.

Over the Black Friday weekend, traffic levels appeared weaker at Ascena, as well as at Gap (GPS) and Abercrombie & Fitch (ANF), according to Oppenheimer. But the firm noted that Ascena's tween retailer Justice "appeared to be the relative winner" among its brands. Ascena's other brands include Maurices, LOFT, Dressbarn and Catherines.

Earlier this month, Stadium Capital Managementlaunched an activist campaign at Ascena and said the company may want to consider "mergers, consolidations, sales or acquisitions of assets."

The firm's campaign came after Ascena reported fourth-quarter earnings that missed analysts' estimates and issued downbeat full-year guidance in late September.

Stadium Capital has launched nine other activist campaigns since 2006, according to FactSet.

Shares of Ascena Retail were declining 0.65% to $6.09 in mid-morning trading on Wednesday. The stock is down about 38% year-to-date. The company operates more than 4,800 stores in the U.S., Canada and Puerto Rico.