US-based Ascena Retail Group, a leading national speciality retailer offering apparel, shoes, and accessories for women, has announced financial results for the fourth quarter ended on July 29, 2017.
During the quarter under review, the company’s net sales on a GAAP basis were US $ 1.658 billion compared to US $ 1.812 billion in the year-ago period.
Gross margin on a GAAP basis too decreased to US $ 951 million for the fourth quarter as against US $ 1,041 million last year.
Operating loss on a GAAP basis for the fourth quarter was US $ 9 million compared to operating income of US $ 65 million in the fourth quarter of 2016. Traffic at Ascena-owned brands like Ann Taylor, Maurices, Dress Barn, and Lane Bryant remained low.
David Jaffe, Chief Executive Officer of the Group said that the results are not pleasing and the company will not be satisfied until it delivers a better performance.
In the first quarter of fiscal 2018, Ascena expects net sales in the range of US $ 1.58-1.62 billion.
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