Contributions from Ascena Retail Group Inc.’s last acquisition boosted the company’s third-quarter sales even as costs from its upcoming purchase of Charming Shoppes Inc. depressed its earnings.
The Suffern, N.Y.-based owner of the Dress Barn, Maurices and Justice nameplates reported that net income for the three months ended April 28 contracted 4.6 percent to $49.4 million, or 31 cents a diluted share, from $51.8 million, or 32 cents, in the 2011 quarter. Without costs related to the purchase of Charming Shoppes, expected to close in mid-June, EPS would have been 3 cents higher, or 34 cents, below the 36-cent consensus estimate. Operating income fell 1.3 percent to $85.3 million.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"