Ascena Retail: Gross Margin Improvements Not Outrunning Woeful Comps
Is Ascena The Rare Exception To The Retail Turnaround Rule?
Ascena Retail: The Future Looks Bright
Shaun Currie, CFA
Shaun Currie, CFA
Avoid The Deworsification At Ascena Retail Group
Stone Fox Capital
Stone Fox Capital
Tue, May 31, 4:15 PM
Mon, May 30, 5:35 PM
Tue, Mar. 1, 4:18 PM
Mon, Feb. 29, 5:35 PM
Mon, Jan. 11, 7:19 PM
- Ascena Retail's (NASDAQ:ASNA) comparable sales fell 4% Y/Y during the period from Nov. 21 through Jan. 3. ANN Brands comps -1%, Justice -15%, Lane Bryant +6%, Maurice's +1%, Dressbarn -3%, Catherine's -2%.
- FY16 (ends July '16) EPS guidance of $0.75-$0.80 is reiterated. However, FQ2 EPS is expected to be in a range of -$0.03 to $0.00 from $0.02; consensus is at $0.05.
- CEO David Jaffe: "Consistent with performance over the Black Friday week, performance was mixed across our portfolio through the holiday period. We were very pleased with the positive comp trend that we continue to see at Lane Bryant. Inventory levels were down significantly to last year across our ANN Brands and at Justice, which helped drive significant gross margin rate improvement."
- ASNA +0.7% after hours to $9.75.
Dec. 1, 2015, 4:16 PM
- Ascena Retail Group (NASDAQ:ASNA): FQ1 EPS of $0.36 beats by $0.07.
- Revenue of $1.67B (+40.3% Y/Y) misses by $110M.
Nov. 30, 2015, 5:35 PM
Sep. 16, 2015, 1:08 PM
- Ascena Retail Group (ASNA +8.5%) trades higher after easing past estimates with its FQ4 report
- The company's gross margin rate fell 20 bps to 54.5% during the period.
- Justice and Lane Bryant had a difficult quarter, while Lane Bryant and Catherines were strong.
- Looking ahead, synergies from Ann and a new operating model at Justice are expected to boost results.
- The company expects FY16 revenue of $4.78B-$4.84B (ex-ANN acquisition).
Sep. 16, 2015, 7:40 AM
- Ascena Retail Group (NASDAQ:ASNA): FQ4 EPS of $0.06 beats by $0.01.
- Revenue of $1.17B (-0.8% Y/Y) beats by $10M.
Sep. 15, 2015, 5:30 PM
Jul. 10, 2015, 4:45 PM
- Ascena Retail (NASDAQ:ASNA) now expects FY15 (ends in July) EPS of $0.57-$0.60, below prior guidance of $0.70-$0.75 and a $0.70 consensus. Adjusted EBITDA guidance is now at $365M-$375M.
- The apparel retailer is also taking a $275M-$325M asset impairment charge at Lane Bryant, and a $50M pre-tax charge related to creating a reserve for Justice class-action litigation.
- The guidance cut is blamed on a merchandise transition at Justice - CEO David Jaffe says the new guidance reflects "a more complete exit from the existing seasons merchandise mix" - and "lower than expected top-line performance at Justice and dressbarn."
- In response to dressbarn's performance, Ascena is "making adjustments to [its] Fall value pyramid," and is upping its Fall season marketing spend.
- Shares have fallen to $15.22 AH.
Jun. 2, 2015, 4:07 PM
- Ascena Retail Group (NASDAQ:ASNA): FQ3 EPS of $0.18 misses by $0.02.
- Revenue of $1.15B (+0.9% Y/Y) misses by $10M.
Jun. 1, 2015, 5:35 PM
May 22, 2015, 7:59 AM
- Ann (NYSE:ANN) reports comparable-store sales fell 1.5% in Q1.
- The company says sales were weak in February before improving in March and April.
- Comp growth by brand: Ann Taylor -2.6%, Ann Taylor Factory -14.5%, LOFT -0.7%, LOFT Outlet -0.2%.
- Gross margin rate -110 bps to 52.3%.
- SG&A expense rate -140 bps to 47.5%.
- Total inventory per square foot +3% Y/Y.
- Store count +2 Y/Y to 1,034.
- Ann was acquired by Ascena Retail (NASDAQ:ASNA) last week.
- Previously: ANN beats by $0.04, misses on revenue
Mar. 3, 2015, 4:04 PM
- Ascena Retail Group (NASDAQ:ASNA): FQ2 EPS of $0.07 misses by $0.01.
- Revenue of $1.29B (+1.6% Y/Y) misses by $10M.
Ascena Retail Group, Inc. owns and operates women's clothing, Shoes and accessories stores. The company operates through five segments: Justice, Lane Bryant, Maurices, Dressbarn and Catherines. The Justice segment creates designs and develops its own exclusive Justice branded merchandise... More
Industry: Apparel Stores
Country: United States
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