• 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.”