US-based Ascena Retail Group, a leading national speciality retailer offering apparel, shoes, and accessories for women, has announced the financial results for the third quarter of the ongoing fiscal.
Net sales for the retailer declined from US $ 1,565.1 million in the corresponding period last year to US $ 1,503.3 million during the period under review this year. A 3 per cent decline in comparable sales is majorly responsible for the decrease in net sales.
Impact of decline in comparable sales also affected operating loss in the reporting quarter. The same stood US $ 23 million compared to US $ 1,311.8 million in the same quarter year-ago.
Further, the fashion retail company reported a decline in its gross margin to US $ 883 million during the review quarter as compared to the US $ 948 million in the corresponding period last fiscal.
The retailer expects to note flat to 2 per cent increase in its comparable sales in the next quarter while operating income is likely to be in the range of US $ 22 to US $ 42 million. It further anticipates to note net sales in the range of US $ 1.62 to US $ 1.66 billion in the upcoming quarter.
Ascena currently operates 4,663 stores (as against 4,690 stores in the beginning of the quarter) across the United States, Canada and Puerto Rico under a variety of banners. During the quarter, it shuttered 3 Ann Taylor stores, 5 Loft stores, 7 maurices stores, 2 Dressbarn stores, 1 Catherines store, 2 Lane Bryant stores and 7 Justice stores.
“Our brands are focussed on delivering compelling fashion offerings and a differentiated experience to our customers, and we expect to leverage our leaner cost structure and our growing competitive capabilities to support sustained, profitable comp growth,” says David Jaffe, Chief Executive Officer of Ascena Retail.
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