Ascena profit drops in Q2; to open net 60 stores
Suffern, N.Y. -- Ascena Retail Group reported Monday that adjusted net income for the quarter ended Jan. 26 dropped to $42.9 million, compared with $63.7 million in the year-ago period, due in large part to expenses associated with the company’s acquisition of Charming Shoppes.
Sales soared 44% to $1.2 billion from $862 million, driven by the added Lane Bryant and Catherine’s banners. Same-store sales dipped 1%.
“We continue to be excited by the growth and efficiency opportunities created by the integration of our acquisition and strategies to fully leverage our portfolio,” said David Jaffe, president and CEO, Ascena Retail Group.
The company is expected to open 100 to 120 stores in the spring, and close 40 to 60.