Retail

Ascena Turns Profitable in Quarter and Upbeat for Holiday

One year ago   |   By WWD

The Ascena Retail Group Inc., keeping costs down and inventories under control, turned profitable in its first quarter, reporting net earnings of $14 million, compared to a net loss of $18 million last year.
The reversal of fortune came despite a 5 percent comparative sales decline and tough traffic patterns in the fiscal quarter that ended Oct. 29.
However, executives cited improvement in the sales trend since after the election, including a 2 percent gain in comp sales and merchandise margins in the nine days up to Cyber Monday, and were upbeat compared to the dour report of just a...
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