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Ascena Retail Q4 profit falls, but beats Street
Suffern, N.Y. -- Ascena Retail's net income plunged 94% in its fiscal fourth quarter, dragged down by costs related to its acquisition of Charming Shoppes Inc. Its adjusted earnings topped Wall Street's view.
Ascena, owners of the Dressbarn, Maurices and Justice, announced in May that it was buying Charming Shoppes, whose divisions include Lane Bryant, Fashion Bug and Catherines Plus for approximately $890 million. Ascena is in the process of closing Fashion Bug's stores.
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IBM report: Consumers defer back-to-school shopping in favor of home-related purchases
Armonk, N.Y. -- Study results released Tuesday by IBM revealed that while U.S. consumers shopped this July and August, they were not buying clothes and notebooks for their children but rather items for the home.
According to IBM’s findings, the biggest retail gains this back-to-school shopping season came from home goods purchases which increased 30% in July and more than 25% in August over their respective months in 2012.