(Updated with guidance)

Ascena Retail Group (NASDAQ: ASNA) reported Q1 EPS of $0.36, $0.07 better than the analyst estimate of $0.29. Revenue for the quarter came in at $1.67 billion versus the consensus estimate of $1.78 billion. First quarter comparable sales were down 3%.

Fiscal 2016 Guidance

As a result of conforming adjustments between historical ANN INC. reporting and ascena reporting, certain expenses historically classified by ANN INC. within cost of goods sold are now classified as buying expenses for all periods presented to conform to ascena's presentation for similar expenses. As a result, we now expect gross margin rate to be in the range of 56.3% - 56.8% compared to our previous outlook of 55.0% - 55.5%, with a corresponding offset within other operating expenses. There is no change to our EBITDA outlook as a result of this conforming adjustment and there is no change to our full year earnings per share outlook, which remains in the range of $0.75 to $0.80.

(Street sees FY16 EPS of $0.77)

While our first quarter earnings performance exceeded our expectations, we are maintaining our view for the Fall season, and we continue to expect approximately equal earnings contributions from the Fall and Spring seasons.

For earnings history and earnings-related data on Ascena Retail Group (ASNA) click here.