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Friday
Jun132014

Ascena Retail Group's Profit Climbs Despite Challenging Q3

DateFriday, June 13, 2014 at 3:19PM

June 4, 2014

Ascena Retail Group president and CEO David Jaffe said sales in the third quarter were challenging, and despite comparable sales declines at Justice and Dressbarn, new store growth at Justice and Maurices, along with higher comparable sales at Lane Bryant, Maurices and Catherines bolstered the company's overall results.

The company's third quarter profit rose to $33.2 million, from $31.2 million in the year ago period.  Revenue inched up 0.3% to $1.145 billion, compared to $1.142 billion a year earlier.  Total same store sales rose 1%.

"Q3 sales were challenging, and that trend continued into the start of Q4," said Jaffe.  "As a result, we are implementing promotional strategies and receipt flow adjustments to ensure our inventories are conservatively positioned for the fall season."

Source: Retailing Today

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