"We made pivotal changes in the back half of fiscal 2019 as we exited our Value Fashion segment to focus on our brands where we see the biggest profitability potential. Our board and executive team continue to actively assess the portfolio as we remain laser focused on our key objective of returning to sustainable growth, improving operating margins and optimising our capital structure as we remain committed to enhancing shareholder value," said Carrie Teffner, interim executive chair of Ascena.
"We were pleased to have exceeded our adjusted operating income expectations for the fourth quarter through better than expected comparable sales results and lower operating expenses. In addition, we ended the quarter with a strong cash and liquidity position with no borrowings under our credit facility," said Gary Muto, chief executive officer of Ascena.
"Looking ahead, by shifting our focus to our brands and right-sizing our cost structure, we plan to capitalise on the meaningful and differentiated presence our brands have in the marketplace. We are evolving our merchandising strategy to incorporate greater versatility in our assortment while maintaining flexibility to keep pace with her changing desires in order to deepen loyalty with existing customers, reengage lapsed customers and attract new customers. In addition, we are taking steps to enhance our cash position over the course of fiscal 2020 through a combination of cost saving initiatives, rationalization of our capital expenditures and disciplined working capital management. We are excited by the opportunities that lie ahead as we position ourselves to deliver long term profitable growth and enhance shareholder value," added Muto.
Ascena’s board of directors appointed two new independent directors, Gary Begeman and Paul Keglevic.
For the first quarter of fiscal year 2020, the company has provided guidance for the consolidated continuing operations of the Premium Fashion, Plus Fashion, and Kids Fashion segments. The net sales for the brands are expected to be in the range of $1.100-$1.125 billion and comparable sales in negative low single digits; Gross margin rate is expected to be from 59.3-59.8 per cent.
Fibre2Fashion News Desk (PC)
Apparel/Garments | On 15th Apr 2021
IFC, a member of the World Bank Group, is supporting the garment...
Textiles | On 15th Apr 2021
The import of textiles and apparel by the United States decreased by...
E-commerce | On 15th Apr 2021
The Vietnam Textile & Apparel Association (VITAS) and Amazon have...
Textile Industry Head honchos
Estimate loss of $8-$10 billion in turnover
Tech in fashion industry has hit acceleration button
Indian apparel industry looks poised for slow death
Nina Smith
GoodWeave International, a nonprofit working to end child, forced and...
David Guiho
Headquartered in Apt, South of France, Delta Plus designs, manufactures...
Akash Sehgal
Part of retail and hospitality conglomerate Landmark Group in Dubai,...
Steve McCullough & Marco Weichert Functional Fabric Fair & Design and Development GmbH Textile Consult respectively
Functional Fabric Fair is a trade-exclusive event showcasing the latest...
Shlomzion Chen Seevix
Seevix Material Sciences Ltd, which develops and manufactures synthetic...
Andreas Lukas Andritz Nonwoven
With forces in engineering and process development, Andritz Nonwoven...
Vidur Adlakha & Riccardo Bennidini La Fuori
With an active presence in US, Italy and India, clothing brand La Fuori...
Ruma Devi Gramin Vikas Evam Chetna Sansthan
Ruma Devi is a jet-setting promoter of artisans who has empowered...
Aprajita Toor Aprajita Toor
The creations by Aprajita Toor were born out of a deep desire to create...
Press Release
Letter to Editor
RSS Feed
Search Companies
editorial@fibre2fashion.com
Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.
Subscribe today and get the latest information on Textiles, Fashion, Apparel.
Download Free Report
Rising Opportunities in Technical Textiles Market: 2020-2026
Thank you for showing interest in our free report on 'Rising Opportunities in Technical Textiles Market: 2020-2026'
You will receive an email shortly with a link to download the report and in case if you don't receive our email, you can write back to texpro@fibre2fashion.com.
Thank You!