Home / Knowledge / News / Apparel/Garments / Ascena Retail Group sales zoom 44% in Q2 FY'13
Ascena Retail Group sales zoom 44% in Q2 FY'13
05
Mar '13
Ascena Retail Group, Inc. reported financial results for its fiscal second quarter and six months ended January 26, 2013.

For the second quarter of 2013, earnings per diluted share from continuing operations decreased to $0.23 per share, while earnings from discontinued operations were $0.06 per share. This compares to diluted earnings per share from continuing operations of $0.40 per share in Fiscal 2012.

In connection with the acquisition of Charming Shoppes, Inc. (“Charming” and the “Charming Acquisition”), the Company incurred in Fiscal 2013 certain non-recurring purchase accounting costs, other acquisition-related integration and restructuring costs, and also incurred certain losses on the extinguishment of debt.

Management believes that such costs are not indicative of the Company’s underlying operating performance and have adjusted Fiscal 2013 results to exclude the effect of such costs. Adjusted earnings per share from continuing operations on this basis was $0.26 per diluted share for the second quarter.

The Company’s combined total comparable sales increased 2% for the quarter versus the prior year, with store comp. sales of -1% and e-commerce comp. sales of 27%. Net sales for the second quarter of Fiscal 2013 increased 44% to $1.238 billion, compared to $862 million in the prior year’s second quarter, driven by the inclusion of the recently acquired Lane Bryant and Catherines businesses.

David Jaffe, President and Chief Executive Officer of Ascena Retail Group, Inc., commented, “Our second quarter performance reflects a difficult holiday season during which we utilized promotion and markdown strategies to manage inventory for an effective transition to Spring assortments. We expect the challenging environment to continue and have adjusted our sales, promotion, and inventory plans accordingly. These actions, combined with strong expense controls and our acceleration of productivity programs, give us confidence in our ability to achieve our full-year 2013 earnings expectations despite the market condition.”

Mr. Jaffe concluded, “We made solid progress positioning the business for long term growth during the first half of the year by continuing to build our talent base and investing in infrastructure to drive ongoing margin improvement and new store growth. We continue to be excited by the growth and efficiency opportunities created by the integration of our acquisition and strategies to fully leverage our portfolio.”

Fiscal Second Quarter Results

Consolidated comparable store sales excluding e-commerce decreased by 1% for the period, with continued positive comps at Justice and Catherines, up 4% and 6%, respectively. E-commerce sales increased by 123% to $115 million on a consolidated basis, and 27% on a comparable basis. Combined, comparable store and e-commerce sales increased by 2%.

Soft holiday sales and a challenging external environment drove negative comparable store sales at Lane Bryant, maurices and dressbarn. Second quarter sales also were negatively impacted by Hurricane Sandy in the Northeast and the Company believes that middle income consumers were impacted by a weak economic outlook driven, in part, by tax increases.


Must ReadView All

Israeli minister announces tax cuts on consumer goods

Apparel/Garments | On 14th Dec 2017

Israeli minister announces tax cuts on consumer goods

The Israeli Government will slash taxes by $227 million, finance...

Courtesy: Kelvin Techstyles

Apparel/Garments | On 14th Dec 2017

Kelvin Techstyles fuses style and function in city apparel

Fusing style and function in outdoor clothing, Roseville,...

India’s WPI inflation for textiles up 0.3% in Nov 2017

Textiles | On 14th Dec 2017

India’s WPI inflation for textiles up 0.3% in Nov 2017

India’s annual rate of inflation, based on monthly wholesale price...

Interviews View All

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search