US: Ascena ups FY forecast on Q2 profit hike
- Q2 net profit rises 50% to US$63.7m
- Net sales up 15% to $862m
- Comparable store sales increase 8%
A buoyant second quarter of trading, with profits up 50%, prompted women’s wear retailer Ascena Retail Group to increase its full-year projected earnings.
The strong performance in the three months to 28 January was led by 12% comparable store sales growth for the company’s Justice brand, while comps for its other brands, Dressbarn and Maurices, rose 8% and 3% respectively.
The figures prompted Ascena to raise its full-year projected earnings per diluted share to $2.75-2.80, compared to its previous forecast of $2.60-2.70.
Company president and CEO David Jaffe highlighted the company’s “generally strong performance in a tough market environment”, adding: “We are successfully utilising a variety of strategies to highlight the strength of our fashion position and value we provide to drive increases in our market share.”
Women's wear retailer Ascena Retail Group expects to save 7,500 jobs at its soon-to-be-shuttered Fashion Bug stores, according to reports....
Women's wear retailer Ascena Retail Group has completed its tender offer for shares of Charming Shoppes Inc, and says plus-size apparel specialist, and says it expects complete its merger with the plu...
- Why have US FTA imports fallen to a record low?
- Synergies Worldwide CEO unravels sourcing shifts
- First figures show Bangladesh exports climb
- Collaboration key to the future of smart textiles
- Rana Plaza three years on – Timeline of change
- Hanesbrands to buy Pacific Brands for $800m
- Improving traceability a key industry challenge
- Retailer Austin Reed goes into administration
- Inditex renews global trade union agreement
- C&A selects PLM to boost product development