Ascena Retail Group Inc. blamed soft third-quarter sales on the economy and the weather and fell short of Wall Street’s profit expectations, pushing its stock down 9.6 percent to $17.95 in afterhours trading today.
Ascena’s earnings fell 36.8 percent to $31.2 million, or 19 cents a diluted share, from $49.4 million, or 31 cents, a year earlier. Adjusted profits of 26 cents a share came in 4 cents below the 30 cents Wall Street expected.
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?"