Shares of Ascena Retail Group Inc. rose more than 13 percent in the early phase of after-hours trading Tuesday as the company reported earnings that easily beat analysts’ expectations and strong same-store sales for the Lane Bryant and Catherines units picked up as part of the 2012 acquisition of Charming Shoppes Inc.
Net income for the fourth quarter ended July 27 hit $29.8 million, or 18 cents a diluted share, more than 18 times the $1.6 million, or 1 cent, registered during the final quarter of fiscal 2012. Stripping out losses from discontinued operations, such as the Fashion Bug unit acquired along with Charming Shoppes but later liquidated, and costs related to the integration and acquisition of Charming Shoppes, adjusted earnings per share landed at 34 cents a diluted share, significantly above the 21 cents expected, on average, by analysts.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
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?"