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Ascena Retail Group reports Q3 per share loss of 5.29 dollars

By Prachi Singh

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Report

Ascena Retail Group reported a third quarter ended GAAP loss of 5.29 dollars per diluted share compared to net earnings of 0.08 dollars per diluted share in the year-ago period. Net sales on a GAAP basis were 1.565 billion dollars compared to 1.669 billion dollars in the year-ago period.

“We continue to move aggressively to navigate our current environment. As a result of a 300 million dollars, multi-year technology and infrastructure investment cycle, we have developed a highly efficient supply chain and foundational omni-channel platform. We have amplified our development of cost efficiencies, and recently increased the cost takeout target of our Change for Growth transformation program to a range of 250 to 300 million dollars by fiscal 2019,” said David Jaffe, President and Chief Executive Officer of Ascena Retail Group in a media statement.

Comparable sales decline 8 percent

The decrease in sales, Ascena said reflected the impact of the 8 percent comparable sales decline caused primarily by store traffic, which was down high single digits to low double digits across the premium fashion, value fashion and plus fashion segments.

Operating loss on a GAAP basis was 1.312 billion dollars compared to operating income of 57 million dollars last year. Consistent with its previously disclosed guidance, the company expects to incur a loss on a non-GAAP EPS basis of 0.06 dollar to 0.01 dollar during the fourth quarter of fiscal 2017 and expects full year fiscal 2017 non-GAAP EPS in the range of 0.10 dollar to 0.15 dollar.

Picture:Loft website

Ascena Retail Group