United States Of America : Ascena Retail Group posts massive turnaround in Q4FY16

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Ascena Retail Group posts massive turnaround in Q4FY16

22
Sep '16

Apparel marketer Ascena Retail Group posted a massive turnaround in the three months ended July 30, 2016. On a GAAP basis, the company reported a net income of $14 million, or $0.07 per diluted share compared to net loss of $323 million or $1.98 loss per diluted share in the same quarter of fiscal 2105.

According to the marketer, net income for the fourth quarter of fiscal 2016 includes the impact of approximately $15 million of income, or $0.08 per diluted share from the 53rd week.

It also includes around $17 million of expense, or $0.09 per diluted share, related to acquisition and integration costs as well as the impact of non-cash purchase accounting adjustments related to the acquisition of ANN.

Net sales for the reporting quarter on a GAAP basis, totaled $1.812 billion vis-à-vis $1.170 billion in the prior fiscal's second quarter, with the increase driven by the acquisition of ANN, not included in the results of the previous fiscal and also includes $82 million in net sales associated with the 53rd week.

In the quarter under review, gross margin again on a GAAP basis rose to $1,041 million, or 57.5 per cent of sales versus $638 million, or 54.5 per cent in the earlier fiscal's comparable quarter. (AR)

Fibre2Fashion News Desk – India

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