Ascena Retail Q4 results miss

Mahwah, N.J. -- Ascena Retail Group Inc. on Monday reported fourth-quarter net earnings of $15.7 million, compared with $29.8 million in the year-ago period. Its results missed Wall Street expectations.



Revenues for the quarter were $1.18 billion, compared with $1.20 billion in the prior year. The company attributed the decrease challenging tween market conditions at Justice and inventory-related issues at Lane Bryant. Results were partially offset by positive comp growth at Maurices and Catherines and new store growth at Maurices.



Total same-store sales fell 2%.



“Despite mixed results across our portfolio and continuing soft traffic patterns, fourth quarter EPS was in line with our expectations. We have yet to see sustained evidence of market improvement, and as a result, are maintaining a conservative outlook as we enter the fall season," said David Jaffe, CEO, Ascena Retail.