Ascena Retail Group Q3 profit up

Suffern, N.Y. -- Ascena Retail Group Inc reported its fiscal third-quarter profit rose to $33.2 million, from $31.2 million in the year ago period.



Revenue inched up 0.3% to $1.145 billion, compared to $1.142 billion a year earlier, driven by new store growth at Justice and Maurices, along with higher comparable sales at Lane Bryant, Maurices and Catherines, mostly offset by comparable sales declines at Justice and Dressbarn.



Total same store sales rose 1%.



“Q3 sales were challenging, and that trend continued into the start of Q4,” said David Jaffe, president and CEO of Ascena Retail Group. “As a result, we are implementing promotional strategies and receipt flow adjustments to ensure our inventories are conservatively positioned for the fall season.”