Ascena Retail Swings To Q4 Loss

(RTTNews) - Ascena Retail Group Inc. (ASNA) Thursday posted a loss for the fourth quarter, hurt largely by impairment charges and lower revenues.

Ascena Retail reported fourth-quarter loss of $358.0 million or $1.81 per share, compared with profit of $33.2 million or $0.17 per share last year. On an adjusted basis, loss for the quarter were $0.13 per share.

Ascena, which includes retail chains such as Lane Bryant and Ann Taylor, said sales for the quarter dropped to $1.454 billion from $1.519 billion last year.

Gary Muto, Chief Executive Officer of ascena, commented, "We were pleased to have exceeded our adjusted operating income expectations for the fourth quarter through better than expected comparable sales results and lower operating expenses. In addition, we ended the quarter with a strong cash and liquidity position with no borrowings under our credit facility."

Looking forward to the first quarter, the company expects sales of $1.10 billion to $1.125 billion.

ASNA closed Monday's trading at $4.01, down $0.21 or 4.98%, on the Nasdaq. The stock however, gained $0.39 or 9.73% in the after-hours trade.