For the quarter ended April 26, Ascena posted net profit of $33.2 million, or 20 cents a share, from $31.2 million, or 19 cents a share, in the same quarter a year ago. Adjusted net income was $44.8 million or 27 cents a share. Analysts’ average estimate was for 19 cents a share.
Revenue edged up to $1.15 billion versus $1.14 billion a year earlier, just missing analysts’ consensus for $1.17 billion in sales.
Ascena’s company wide comps, including e-commerce comps, slipped 1% year over year, as a result of a 3% dip in store comps, partly compensated by 19% growth in e-commerce comps. E-commerce comps were boosted by new web innovations, exclusive online offers and promotions.
Comps at Justice and dressbarn were down 4% each, while Lane Bryant, maurices and Catherines registered year-over-year comps growth of 1%, 2% and 4%, respectively.
Ascena’s company wide comps, including e-commerce comps slipped 1% year over year, as a result of a 3% dip in store comps, partly compensated by 19% growth in e-commerce comps. E-commerce comps were boosted by new web innovations, exclusive online offers and promotions.
Gross profit climbed approximately 2.6% to $675.0 million in the prior-year period, while as a percentage of sales, it expanded 130 basis points (bps) to 58.9% from the year-ago level. The year-over-year rise in gross profit mainly benefited from a fall in markdown operations across all its brands.
Selling, general and administrative expenses rose 2.4% to $340.4 million while as a percentage of sales, it expanded 60 bps to 29.7%. SG&A expenses rose due to soaring marketing expenses, increased headcount and initiatives undertaken to achieve synergies.
Ascena Retail Group also issued an update on its full year earnings guidance on Tuesday morning. The company now expects earnings per share of $1 to $1.05. Analysts estimate is for $1.05 a share.
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