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Good comparable stores sales growth at Ascena Retail
07
May '11
Ascena Retail Group Inc reported fiscal 2011 third quarter sales results. Net sales for the fiscal third quarter ended April 30, 2011 increased 9% to $722.8 million, compared to $665.5 million for the fiscal third quarter ended April 24, 2010. The overall increase was primarily due to across-the-board increases in comparable store sales, as well as strong growth in e-commerce sales. Consolidated comparable store sales during the third quarter, for stores open at least one year, increased 6%.

Net sales for the nine month period ended April 30, 2011 increased 32% to $2.19 billion, compared to $1.66 billion for the nine month period ended April 24, 2010. The overall increase was primarily due to strong sales performances at the maurices and Justice brands. On a year-to-date basis, Ascena's consolidated sales also benefited from an extra eighteen weeks of sales volume from Justice that are included in the current year due to the merger in the prior year closing on November 25, 2009. Consolidated comparable store sales during this nine month period increased 6%.

Commentary

David R. Jaffe, President and Chief Executive Officer commented, "We are pleased to have reported good comparable stores sales growth during the quarter. We believe we have an effective merchandise plan for each of our concepts and while challenges remain, particularly related to the overall economic environment, we expect to continue to see good results. Our diversified group of retail concepts each remain positioned as fashionable, high-value destinations that attract a broad range of customers."

Ascena Retail Group, Inc. was created as a public company effective January 1, 2011. The Company is a leading national specialty retailer of apparel for women and tween girls, operating, through its wholly-owned subsidiaries, the dressbarn, maurices and Justice brands. The Company operates through its subsidiaries nearly 2,500 stores throughout the United States and Canada, with revenues of over $2.8 billion.

Ascena Retail Group Inc

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