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Amid Major Restructuring, Ascena Posts Q4 Loss
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Ascena Retail Group, persevering with to exit weak companies and evaluation the remainder of its model portfolio, on Thursday posted a fourth-quarter internet lack of $358 million, in contrast with a revenue of $33.2 million a 12 months in the past.
Comparable gross sales within the quarter ended Aug. three have been flat, although higher than anticipated, and complete gross sales have been $1.45 billion in comparison with $1.52 billion within the year-ago interval.
Nevertheless, the corporate stated it exceeded its expectations for adjusted working earnings, which got here in at $16 million.
The retailer additionally stated it accomplished the divestiture of the Maurices chain; that Dressbarn ought to have all of its shops closed by Dec. 31, and that stock ranges have been normalized and are positioned nicely for vacation. Ascena stated its money and revolver availability of $725 million on the finish of the fiscal 12 months was compliant with all covenants, offering liquidity.
“The company continues to consider options to optimize its balance sheet and liquidity from a position of strength,” stated Carrie Teffner, interim govt chairman, throughout a convention name Thursday. “We now have massive, iconic manufacturers in our enterprise with vital liquidity. Of the choices being thought-about, to be clear and avoidance of doubt, chapter of Ascena will not be one of many choices

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