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Ascena Retail Misses Street 3Q Forecasts

Ascena Retail Group Inc. on Tuesday reported fiscal third-quarter net income of $24.4 million. The results fell short of Wall Street expectations.
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  • Associated Press

MAHWAH, United States — Ascena Retail Group Inc. on Tuesday reported fiscal third-quarter net income of $24.4 million.

On a per-share basis, the Mahwah, New Jersey-based company said it had profit of 15 cents. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, came to 18 cents per share.

The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 19 cents per share.

The owner of clothing retail chains posted revenue of $1.15 billion in the period, which also missed Street forecasts. Four analysts surveyed by Zacks expected $1.16 billion.

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Ascena Retail expects full-year earnings in the range of 70 cents to 75 cents per share.

Ascena Retail shares have risen 16 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $14.59, a fall of 12 percent in the last 12 months.

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