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Ascena Retail slumps after sales miss

Jun. 10, 2019 4:15 PM ETAscena Retail Group, Inc. (ASNA) StockBy: Clark Schultz, SA News Editor
  • Ascena Retail Group (NASDAQ:ASNA) reports comparable sales were flat in FQ3.
  • Comparable sales gains at Ann Taylor (+5%), LOFT (+5%) and Premium Fashion (+5%) were offset by drops at Justice (-5%), Catherines (-6%) and Lane Bryant (-2%).
  • Gross margin fell 240 bps to 57.1% of sales. The decline in gross margin rate was attributed to higher promotional activity to address elevated inventory levels and soft pre-Easter selling at the Premium Fashion and Kids Fashion segments, as well as clearance of the under-performing tops assortment at Lane Bryant.
  • Looking ahead, Ascena says it has identified an incremental $150M cost savings opportunity. Management expect the majority of the incremental savings to be realized in FY20.
  • Shares of ASNA are down 5.77% AH to $0.98.
  • Previously: Ascena Retail Group EPS beats by $0.11, misses on revenue (June 10)

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Ascena Retail Group, Inc.