Suffern, N.Y. -- Ascena Retail Group’s adjusted fiscal fourth-quarter profit exceeded Wall Street estimates, driven by strong same-store sales at its Lane Bryant division.
Looking ahead, the company, whose brands include Justice, Lane Bryant, Maurices, Dressbarn and Catherines, said it plans to open approximately 180 to 190 stores and close 115 to 125 stores.
Ascena’s net income jumped to $29.8 million for the quarter that ended July 27, compared with net income of $1.6 million in its fourth quarter last year.
Revenue increased to $1.2 billion from $939.7 million.
The company sounded a cautious note about the upcoming months.
“As we head into Fiscal 2014, we expect macro-economic factors to continue to pressure the apparel industry,” said David Jaffe, president and CEO. “In light of that, we have taken a conservative approach to how we are planning fall. Our teams are focused on driving profitable growth in 2014 and we feel that our brands are well positioned for this challenging environment.”