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Ascena’s Q4 income tops estimates; 180 to 190 stores on tap for 2014
Suffern, N.Y. -- Ascena Retail Group’s adjusted fiscal fourth-quarter profit exceeded Wall Street estimates, driven by strong same-store sales at its Lane Bryant division.
Looking ahead, the company, whose brands include Justice, Lane Bryant, Maurices, Dressbarn and Catherines, said it plans to open approximately 180 to 190 stores and close 115 to 125 stores.
Ascena’s net income jumped to $29.8 million for the quarter that ended July 27, compared with net income of $1.6 million in its fourth quarter last year.