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Ascena Retail Group earnings from $0.29 to $0.33

Staff writer ▼ | December 3, 2013
Ascena Retail Group reported financial results for its fiscal first quarter ended October 26, 2013. Earnings from continuing operations were $0.33 per diluted share, while losses from discontinued operations were $0.01 per diluted share.
Ascena Retail Group
Ascena Retail GroupAscena Retail Group reported financial results for its fiscal first quarter ended October 26, 2013. Earnings from continuing operations were $0.33 per diluted share, while losses from discontinued operations were $0.01 per diluted share.


This compares to earnings from continuing operations of $0.29 per diluted share and losses from discontinued operations of $0.02 per diluted share in the same period of Fiscal 2013. Adjusted earnings from continuing operations in the first quarter of Fiscal 2014 were $0.36 per diluted share, compared to $0.39 per diluted share in the prior year's first quarter.

The decrease in diluted earnings per share was primarily due to increased depreciation expense from growth and infrastructure investments.

Net sales for the first quarter of Fiscal 2014 increased 5% to $1.197 billion, compared to $1.138 billion in the prior year's first quarter. This growth was driven by a consolidated total comparable sales increase of 4% for the quarter versus the prior year.

Consolidated comparable store sales increased 2% for the period. Consolidated e-commerce sales increased by 27% to $106 million. Gross margin for the first quarter of Fiscal 2014 increased to $710 million, or 59.3% of sales, compared to $656.6 million, or 57.7% of first quarter sales last year on a reported basis.

On an adjusted basis, gross margin for the first quarter of Fiscal 2013 was $676.5 million, or 59.5% of sales. The slight gross margin rate decrease on an adjusted basis was primarily due to increased promotional activity.

Buying, distribution and occupancy (BD&O) costs for the first quarter of Fiscal 2014 were $219.3 million, or 18.3% of sales, compared to $206.8 million, or 18.2% of first quarter sales last year.


 

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