US: Ascena Q4 adjusted profit surges 74%
- Q4 adjusted net profit up 74% to US$49m
- Net sales up 29% to $939.7m
- Sales up 8% on underlying basis
Ascena Retail Group has posted a notable surge in fourth quarter adjusted net profit as the company absorbed its recent acquisition of apparel retailer Charming Shoppes.
Reported net income was more than halved to US$11.2m, but surged up 74% on an adjusted basis, driven by an 8% increase in adjusted net sales.
This was driven by new stores and e-commerce, Ascena said, and comparable store sales increasing 2%, led by Justice at 5%.
Company president and CEO David Jaffe hailed the past 12 months as a “landmark year” and said: “In addition to executing well at each of our businesses and maintaining a solid pace of quarterly results, we completed yet another transformative acquisition.”
Ascena is forecasting adjusted earnings per share of $1.45-1.55 in fiscal 2013, based on a mid single-digit increase in comparable store sales.
The company completed the acquisition of Charming Shoppes on 14 June.
Ascena Retail Group has named Linda Heasley as president and CEO of plus sized clothing retailer Lane Bryant, which it acquired last year. ...
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