×
41 811
Fashion Jobs
MADEWELL
Junior Account Manager
Permanent · New York
MADEWELL
Account Manager - Wholesale
Permanent · New York
GAP INC
Assistant Account Manager - Photo Studio
Permanent · San Francisco
GAP INC
Sample Coordinator - Photo Studio
Permanent · San Francisco
BLOOMINGDALES.COM
Omni Senior Art Director - Home, Men’s, Kids & Registry: Bloomingdale’s, New York, ny
Permanent · New York
BLOOMINGDALE'S
Merchandise Planner: Bloomingdale’s, New York, ny
Permanent · New York
BANANA REPUBLIC
General Manager - Silverthorne
Permanent · Silverthorne
H&M
Accounts Payable Coordinator
Permanent · Secaucus
L'OREAL GROUP
Human Resources Manager
Permanent · St. Petersburg
L'OREAL GROUP
Global CRM Director, Urban Decay
Permanent · Newport Beach
L'OREAL GROUP
Manager - National Accounts, Cerave, la Roche Posay (Sam's, Dollar General)
Permanent · Bentonville
L'OREAL GROUP
l'Oreal Travel Retail Americas- Account Coordinator
Permanent · Miami
ULTA BEAUTY
General Manager-New Store-Springfield Plaza
Permanent · Springfield
ORIGINS
Manager, Global Consumer Engagement - UK, Emea & Latam, Origins
Permanent · New York
OFF 5TH
General Manager - Saks Off 5th
Permanent · Montreal
HUDSONS BAY
Gift Registry Consultant
Permanent · Saskatoon
OFF 5TH
General Manager
Permanent · Markham
JCPENNEY
Financial Planning Senior Analyst - Stores Finance
Permanent · Plano
JCPENNEY
Merchandise Strategy & Operations Analysis Manager
Permanent · Plano
JCPENNEY
Merchandise Strategy & Operations Senior Manager
Permanent · Plano
JCPENNEY
Business Development & Strategy Manager
Permanent · Plano
VF
Smartwool: Manager, Quality, Warranty And Control
Permanent · Denver

Ascena swings to surprise Q1 profit

Published
today Dec 11, 2019
Reading time
access_time 2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Mahwah, New Jersey-based Ascena Retail Group, Inc. reported net income of $32 million, or $0.16 per diluted share, for the first quarter ended November 2, 2019 on Monday, as its cost reduction initiatives made up for declining sales.
 

Ascena's brand portfolio includes the likes of Dressbarn,, Ann Taylor and Lane Bryant - Instagram: @dressbarn


The specialized womenswear retail group’s bottom line was a significant improvement from the net loss of $24 million, or $0.12 per diluted share, reported by the company in the prior-year period.
 
This progress was achieved despite a decrease of 3.1% in Ascena’s net sales in the first quarter, when they totaled $1.30 billion, down from $1.34 billion in the same period in the previous year.

Comparable sales slipped 2% in the company’s premium fashion segment, which includes the Ann Taylor and Loft brands, and 6% in the kids fashion segment, home to the Justice banner.
 
In the plus size segment, comps rose 1%, as a 5% decrease at Catherines was offset by a 2% increase at Lane Bryant.
 
Dressbarn, the only brand remaining in Ascena’s value segment since the company’s sale of the Maurices label earlier his year, saw a 10% rise.
 
Disregarding this rise at Dressbarn, whose wind-down Ascena expects to complete in December, company-wide comparable sales fell 2%.
 
Nonetheless, the company managed to reduce its selling, general, and administrative expenses by 9% to $397 million, or 30.6% of sales, during the quarter, compared to $436 million, or 32.6% of sales, in the year-ago period.
 
“While we are encouraged by the progress we are making, we know there is more work to be done,” said Ascena CEO Gary Muto in a release. “We are moving our brands in the right direction by capitalizing on their distinct market leadership positions while maintaining our focus on optimizing our capital structure. The steps we are taking now set us up to provide consistent profitable performance and enhance shareholder value over the longer term.”
 
Following the announcement of the company’s better than expected results, shares in Ascena shot up 35% in premarket trading on Tuesday.

Copyright © 2020 FashionNetwork.com All rights reserved.