Ascena Retail Group Q3 profit up 8%
Suffern, N.Y. — Ascena Retail Group Inc. said Wednesday that its fiscal third-quarter profit rose 8% on increased sales at its Dressbarn, Maurices and Justice clothing stores.
The retailer, formerly known as The Dress Barn Inc., reported net income of $51.8 million for the three months ended April 30, up from $48 million in the year-ago period.
Revenue rose 9% to $722.8 million from $665.5 million in the same quarter a year ago. Dressbarn revenue rose 5% in the quarter, and Maurices revenue jumped 17%. Justice sales rose 6%.
Across the three brands, same-store sales increased 6%.
The revenue growth was partly offset by a nearly 10% increase in selling, general and administrative expenses, which rose to $213.6 million from $194.9 million in the year-ago quarter, as marketing costs increased.