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Ascena Retail Group reports Q1 increase

Suffern, N.Y. – Ascena Retail Group, parent company of Lane Bryant and Justice, reported net income of $52.6 million in the first quarter of fiscal 2014, a 22% increase from $43.1 million a year earlier.

Net sales totaled roughly $1.2 billion, a 5% increase from about $1.14 billion.

In addition, consolidated same-store sales grew 2%, while consolidated e-commerce sales increased 27% from the first quarter of the prior fiscal year. Looking ahead, Ascena reaffirmed guidance of consolidated same-store sales growth in the low single digits for the full fiscal year, and also expects to open 180 to 190 new stores and close 130 to 140 existing stores during the year.

“We were pleased that our top line momentum continued into the first quarter, with all of our brands generating positive total comps,” said David Jaffe, president and CEO of Ascena. “We also continued to make progress on our strategic priorities during the quarter, including our synergy initiatives, which will position the business for long term growth.”