Ascena Retail Moving Sharply Higher On Better Than Expected Q1 Results

(RTTNews) - Shares of Ascena Retail Group, Inc. (ASNA) have moved sharply higher over the course of the trading session on Tuesday, soaring by 18.6 percent. With the jump, Ascena Retail is bouncing off its lowest closing level in nearly seven months.

The rebound by Ascena Retail comes after the women's apparel retailer reported fiscal first quarter results that exceeded analyst estimates on both the top and bottom lines.

Ascena Retail reported first quarter adjusted earnings of $0.06 per share on revenues of $1.59 billion, while analysts had expected earnings of $0.04 per share on revenues of $1.56 billion.