Ascena Retail Group reports Q2 loss

Ascena Retail Group reported second quarter net loss of 0.12 dollar per diluted share compared to net income of 0.05 dollar in the same period of fiscal 2015. The decrease, the company said was related to the acquisition of Ann Inc, which closed during the first quarter of fiscal 2016.

“Our second quarter earnings performance came in just above the pre-announced range we shared in mid-January, due mainly to strengthening performance at Loft and margin rate favourability at Justice. Adjusted operating income growth for the quarter was driven primarily by Ann, and integration activity continues to progress well. We are pleased with the progression of the Justice turnaround, and remain confident in our full year plan. Maurices delivered another solid quarter, and we continue to see improvement at Lane Bryant," commented David Jaffe, President and Chief Executive Officer of Ascena Retail Group.

Also contributing to the year-over-year decline was soft performance at Dressbarn. Adjusted earnings for the second quarter were 0.01 dollar per diluted share compared to a loss of 0.02 dollar in the same period of fiscal 2015.