logo-loader
Retail & consumerRetail
Ascena Retail Group

Ann Taylor owner Ascena Retail reports mixed 3Q results, significant revenue miss

The owner of brands such as Ann Taylor, LOFT and Dressbarn saw revenue remain flat at $1.3 billion, coming up short of the $1.4 billion consensus estimate

Ascenia brands
The premium fashion brands – Ann Taylor and LOFT – saw a comparable sales bump of 5%, while its plus fashion, kids fashion and value fashion segments lost ground

Ascena Retail Group Inc (NASDAQ:ASNA) posted fiscal third-quarter results late Monday dampened by a sizable revenue miss.

The owner of brands such as Ann Taylor, LOFT and Dressbarn saw revenue remain flat at $1.3 billion, coming up short of the $1.4 billion consensus estimate. Comparable sales were also unchanged.

The New Jersey company’s adjusted loss widened to $0.26 per share year-over-year from $0.08, which was a smaller hit than the $0.37 loss called for by analysts.

READ: Chanticleer Holdings to raise up to $16 million as it aims to expand restaurant brand footprint

Broadly, its premium fashion brands – Ann Taylor and LOFT – saw a comparable sales bump of 5%, while its plus fashion, kids fashion and value fashion segments all lost ground.

Value fashion, though, may be on its way out. The company completed its divestiture of the maurices brand this quarter and announced in May that Dressbarn would close all 650 of its locations.

"Third-quarter results were better than anticipated, driven by stronger comps. With the elimination of our value fashion segment, we are already re-aligning our financial and human capital to support the areas of the business with the greatest growth potential,” CEO Gary Muto said. “We have some of the most iconic brands in retail, and are well-positioned in our customers’ minds to capitalize on the equity built into these brands."

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: Ascena Retail Group

Price: $0.26

Market: NASDAQ
Market Cap: $50.46 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Buds & Duds: Cannabis stocks flat as a pancake but CROP shares jump on first...

Cannabis stocks cruised into Friday flat as a pancake across North American markets. Buds today were CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF), True Leaf Brands Inc (CSE:MJ) (OTCMKTS:TRLFF), while the duds were TerrAscend Corp (CSE:TER) (OTCMKTS:TRSSF),...

20 hours, 18 minutes ago

2 min read