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Ascena profit drops in Q2; to open net 60 stores
Suffern, N.Y. -- Ascena Retail Group reported Monday that adjusted net income for the quarter ended Jan. 26 dropped to $42.9 million, compared with $63.7 million in the year-ago period, due in large part to expenses associated with the company’s acquisition of Charming Shoppes.
Sales soared 44% to $1.2 billion from $862 million, driven by the added Lane Bryant and Catherine’s banners. Same-store sales dipped 1%.