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Ascena weighed down by writedowns in Q4
2015-09-17 03:53:25| Apparel - Topix.net
Justice continues to be a drain for the Ascena Retail Group, but in the fourth quarter Lane Bryant also proved to be a burden, as the company reported a drop in same-store sales. The operator of Justice, as well as stores under the Lane Bryant, Cacique, Maurices, Dressbarn, and Catherines brands, said combined same-store sales declined 2% during its fourth quarter of fiscal 2015 ended July 25. David Jaffe, president and CEO of Ascena Retail Group Inc., said: "Results for the quarter were challenged by two large, non-operating expense hits related to a goodwill and trade name impairment at Lane Bryant and litigation activity at Justice.
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Category:Consumer Goods and Services