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Ascena Retail Group, Inc. stock price
Ascena Retail Group, Inc. latest news:
Ascena Retail Group (ASNA) Q1 2018 Earnings Conference Call Transcript
ASNA earnings call for the period ending September 30, 2017.
Ann Taylor parent Ascena shares drop 21% after 'fashion missteps' sink earnings
Ascena Retail Group Inc.(ASNA) shares are down 21% in Tuesday trading after the apparel company said "fashion missteps" derailed its first-quarter earnings. Ascena's portfolio of brands includes Ann Taylor, Maurices and Dressbarn. "We were unable to capitalize on the improving macro traffic trends due to fashion missteps that we cannot afford in today's environment," said Chief Executive David Jaffe on the earnings call, according to a FactSet transcript.
BRIEF-Ascena Retail Group Says Q1 Same Store Sales Fell 5 Pct
* ASCENA RETAIL GROUP INC REPORTS FIRST QUARTER RESULTS AND
PROVIDES GUIDANCE FOR SECOND QUARTER OF FISCAL 2018; FIRST
QUARTER GAAP EPS OF $0.03; NON-GAAP ADJUSTED EPS OF $0.11;
COMPARABLE SALES DOWN 5 PCT
Ascena Retail Group stock plunges more than 16% after earnings
Ascena Retail Group Inc. shares dropped more than 16% Monday afternoon after the parent company of stores such as Dress Barn and Lane Bryant reported quarterly financial results that it said were hit by "fashion missteps." The company reported net income of $6.6 million, or 3 cents a share, on net sales of $1.59 billion, down from $1.68 billion a year ago. After adjustments for restructuring costs and other effects, Ascena claimed earnings of 11 cents a share, down from 18 cents a share in the year-ago period. Analysts on average expected adjusted earnings of 11 cents a share on net sales of $1.59 billion, according to FactSet. In the news release, Chief Executive David Jaffe admitted that the results amounted to a "disappointing quarter." "We were unable to capitalize on the improving macro traffic environment due to fashion missteps that we cannot afford in today's environment," he said in a prepared statement. Ascena stock dropped lower than $2.20 a share in after-hours trading, after closing at $2.61.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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