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Net sales rise 40% in Q1 FY16 at Ascena Retail
02
Dec '15
Ascena Retail, a leading US based retail group that sells clothing, shoes and accessories for young girls and plus-sized women, recorded an increase of 40 per cent in its consolidate net sales for Q1 of fiscal 2016, ending on October 24, 2015, according to a press statement issued by the retailer.

The company attributed the sharp increase in its net sales to its acquisition of Ann Inc, which it completed on August 21, 2015.

The net sales stood at $1.672 billion in Q1 FY16 as compared to $1.194 billion in Q1 FY15 at Ascena Retail - now comprising of the retail stores of Ann Inc, Justice, Lane Bryant, Maurices, Dressbarn and Catherines. The net sales for Ann Inc stood at $501.2 million during this period.

The net sales recorded for Justice was $305.4 million in Q1 FY16 as compared to $357 million in the same quarter last fiscal. The net sales recorded at Lane Bryant stood at $256.2 million as compared to $245.7 million in the same quarter last fiscal.

The net sales recorded at Maurices stood at $282.7 million as compared to $251.9 million in the same quarter last fiscal. The net sales recorded at Dressbarn stood at $247.4 million as compared to $259.6 million in the same period last fiscal.

The net sales for Catherines stood at $79.1 million for the first quarter of fiscal 2016 as compared to $80 million in the same period last fiscal.

Commenting on the results, David Jaffe, president and CEO of Ascena Retail said, “On the operating front, we were pleased with first quarter earnings, which exceeded our expectations. We saw strong sales performance at Maurices and Lane Bryant, and significant gross margin rate recovery at Justice, Ann Taylor and Loft.”

“We are increasingly confident that the Justice turnaround is gaining traction, and we’re excited about the continuing improvement of Lane Bryant fundamentals, along with the sustained strength of Maurices performance. While Dressbarn had another challenging quarter, we continue to work to build the foundation for future growth,” he said. (MCJ)

Fibre2Fashion News Desk – India

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