Home / Knowledge / News / Apparel/Garments / Ascena Retail updates FY15 EPS outlook by 22-25%
Ascena Retail updates FY15 EPS outlook by 22-25%
14
Jul '15
Ascena Retail Group has updated its outlook for the full fiscal ended July 25, 2015 and has said that its adjusted earnings per diluted share will rise between 22 and 25 per cent over its previous outlook.

In a press release, Ascena added that full-fiscal adjusted earnings per diluted share from continuing operations will be in the range of $0.57-0.60 as compared to its prior expectation of $0.70-0.75 per share.

This has been done primarily to reflect its recent decision to accelerate its planned merchandise transition at Justice and to incorporate lower than expected top-line performance at Justice and Dressbarn.

It also said that in the fourth quarter it expects to take a non-cash, pre-tax goodwill and intangible asset impairment charge in the range of $275 million to $325 million related to Lane Bryant.

Additionally, it will also take a pre-tax charge of approximately $50 million to establish a reserve for the future settlement of the previously disclosed Justice class action litigation.

The apparel marketer now also expects full-fiscal adjusted EBITDA from continuing operations in the range of $365 million to $375 million.

CEO David Jaffe said, “We expected a challenging quarter at Justice due to the sell-down of Spring/Summer merchandise coupled with a significant reduction in promotional activity.”

“However, now our revised fourth quarter expectation incorporates a more complete exit from the existing season’s merchandise mix,” he too added.

“We have determined that an even more aggressive sell-down of Spring/Summer goods at Justice is prudent, and will result in a cleaner selling floor and a well-communicated value proposition for the Fall season,” Jaffe observed.

Jaffe also noted that they are excited to better align their product, pricing, and marketing initiatives, and expect ultimately to see a strong, sustainable improvement in store-level performance.

Jaffe concluded that while their financial results will be challenged by this transitional period at Justice and underperformance at dressbarn, the balance of our portfolio is performing consistent with its expectations. (AR)

Fibre2Fashion News Desk - India


Must ReadView All

Courtesy: Sympatex Technologies

Textiles | On 23rd Feb 2018

Sympatex, Ricosta jointly move towards sustainability

Sympatex Technologies is moving towards sustainability with its...

Courtesy: Business wire

Information Technology | On 23rd Feb 2018

CLO Virtual Fashion launches CLO 4.0 & new website

CLO Virtual Fashion, a leading developer of cutting-edge 3D garment...

Courtesy: Delta Galil

Apparel/Garments | On 23rd Feb 2018

Delta Galil 2017 sales up 16% to $1,368.1 million

Delta Galil sales for full year 2017 increased 16 per cent to...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Urmil Arya

Sushila International, a well established textile organisation established ...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Igor Chapurin
Chapurin

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

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

February 2018

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
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

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
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

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
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

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
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


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