US-based Ascena Retail Group, a leading national speciality retailer offering apparel, shoes, and accessories for women, has announced financial results for the first quarter of fiscal 2018.
Net sales for the retailer during the reporting quarter stood at US $ 1.590 billion as against US $ 1.678 billion in the corresponding period of 2016. A 5 per cent decline in comparable sales was seen as the major factor behind the drop in overall net sales.
Three hurricanes which impacted the southern United States and Puerto Rico also affected the first quarter retail business for the retailer.
Further, Ascena also noted a decline in gross margin to US $ 965 million during the first quarter compared to US $ 1,014 million in the year-ago period.
Operating income for the reporting quarter remained US $ 40 million compared to operating income of US $ 51 million in the same quarter last year.
“Our first quarter adjusted earnings per share of 11 cents was in the middle of our guidance range, but represented a disappointing quarter,” said CEO David Jaffe in a statement issued by the company.
Ascena operates around 4,800 stores throughout the United States, Canada and Puerto Rico under a variety of banners including Ann Taylor, Loft, maurices, Dressbarn, Catherines, and Justice.
