Suffern, N.Y. -- Ascena Retail Group, owner of the Dressbarn, Maurices and Justice chains, reported Wednesday that net income for the quarter ended July 30 fell to $28.2 million, from $42 million in the year-ago period on one-time charges and a shorter quarter for the performance slide.
On an adjusted basis, net income was up over last year, but still missed Wall Street expectations. Revenue rose 2% to $725.8 million, and same-store sales increased 7% overall. For the full fiscal year, Ascena earned $170.5 million. Its total revenue rose to $2.91 billion from $2.37 billion.
Our results were achieved in a very tough environment and we remained positioned for growth," David R. Jaffe, president CEO of Ascena, said in a statement. "We are certainly mindful of the pressures of today's macro-economic environment and we are planning our business accordingly."
The company confirmed that it plans to open 125 to 135 stores, and close up to 35 in its new fiscal year.