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.”
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