Ascena Retail Group, Inc. reported a GAAP loss of 0.20 dollar per diluted share compared to 0.18 dollar per diluted share in the year-ago period, while non-GAAP adjusted loss was 0.12 dollar per diluted share compared to 0.07 dollar in the year-ago period.

Commenting on the second quarter results, David Jaffe, CEO of Ascena Retail Group said in a press release: “Our second quarter adjusted loss of 12 cents per share came in at the lower end of our guide. While we’ve made significant progress on our enterprise transformation, we must deliver improved top-line performance. We believe we’ve made needed changes in key leadership roles across our brands, and are well positioned to reinvigorate growth from our core.”

Q2 net sales at Ascena decline to 1.719 bn dollars

On a GAAP basis, net sales for the quarter were 1.719 billion dollars compared to 1.748 billion dollars in the year-ago period. The company said, this decline was primarily attributable to a 2 percent comparable sales decline that resulted primarily from merchandise strategy challenges and store traffic declines at value fashion segment, and assortment misses at premium fashion segment, partially offset by high single digit comparative sales growth at our kids fashion segment. Net sales for the second quarter included approximately 25 million dollars associated with the extra week.

Gross margin declined to 929 million dollars or 54 percent of sales compared to 946 million dollars or 54.1 percent of sales in the year-ago period. Gross margin rate was down 10 basis points as improved performance at both fashion and kids fashion segments was more than offset by declines at the premium fashion and value fashion segments. Operating loss was 36 million dollars compared to 45 million dollars in the year-ago period. On a non-GAAP adjusted basis, operating loss was 12 million dollars compared to 3 million dollars of operating income in the year ago period.

The company reported a net loss of 39 million dollars or 0.20 dollar per diluted share in the second quarter compared to 35 million dollars or 0.18 dollar per diluted share, in the year-ago period.

Ascena reveals financial expectations from Q3

The company said, fiscal year 2018 third quarter non-GAAP loss per share is estimated in the range of 0.12 dollar to 0.07 dollar, assuming net sales in the range of 1.48 to 1.52 billion dollars; comparable sales to be down 3 percent to down 5 percent; gross margin rate in the range of 59.7 percent to 60.2 percent; and operating income in the range of 5 to 20 million dollars.

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