Ascena Retail (ASNA) Holiday Sales Rose 1%; Cuts FY12 EPS Outlook

January 10, 2013 6:33 AM EST
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Ascena Retail Group, Inc. (Nasdaq: ASNA) announced sales results for the combined November and December Holiday period ended December 29, 2012. The Company also announced that, due to lower than planned Holiday sales, it is lowering earnings per share guidance for its current fiscal year ending July 27, 2013.

The Company noted that combined comparable store and e-commerce sales for the fiscal months of November and December increased 1% on a consolidated basis.

David Jaffe, President and Chief Executive Officer of Ascena Retail Group, Inc., commented, “The Holiday selling season proved to be challenging and we increased promotional activity in order to ensure appropriate inventory levels going forward. We are taking the necessary markdowns in the second quarter to effectively transition into the spring season. As a result, we now believe full year adjusted diluted earnings per share guidance in the range of $1.20 to $1.30 is more appropriate, versus our previous guidance of $1.45 to $1.55.”

*** The Street currently sees FY12 EPS of $1.53.

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