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Ascena Retail Beats 3Q Profit Forecasts

Ascena Retail Group Inc. has reported fiscal third-quarter earnings of $15 million.
Dress Barn, part of Ascena Retail Group | Source: Shutterstock
By
  • Associated Press

MAHWAH, United States — Ascena Retail Group Inc. on Tuesday reported fiscal third-quarter earnings of $15 million.

The Mahwah, New Jersey-based company said it had net income of 8 cents per share. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, came to 15 cents per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 13 cents per share.

The owner of clothing retail chains posted revenue of $1.67 billion in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $1.75 billion.

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Ascena Retail expects full-year earnings in the range of 67 cents to 70 cents per share, with revenue expected to be $7.1 billion.

Ascena Retail shares have dropped 27 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $7.22, a decrease of 52 percent in the last 12 months.

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