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Q2FY17 net loss climbs higher at Ascena Retail Group
Mar '17
For the three months ended January 28, 2017, net loss at Ascena Retail Group climbed higher at $35 million, or $0.18 per diluted share as against net loss of $23 million, or $0.12 per diluted share in the second quarter of fiscal 2016. Net sales for the second quarter of fiscal 2017 were $1.748 billion, down from $1.842 billion in the fiscal ago quarter.

Gross margin on a GAAP basis in the reporting quarter declined to $946 million, or 54.1 per cent of sales vis-à-vis $968 million, or 52.6 per cent of sales in the prior fiscal's second quarter.

Operating loss on a GAAP basis for the quarter under review grew massively to $45 million, or 2.6 per cent of sales compared to an operating loss of $17 million, or 0.9 per cent in the second quarter of last fiscal.

"The higher operating loss primarily reflects the decline in gross margin dollars at our Value Fashion and Kids Fashion segments, offset in part by synergies and cost savings initiatives at our Premium Fashion segment," the company explained. (AR)

Fibre2Fashion News Desk – India

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