Corrects headline to say the company reaffirmed its FY13 earnings outlook:
Ascena Retail Group, Inc. (ASNA) reported net income for the second quarter of $47.2 million or $0.29 per share, compared to $63.7 million or $0.40 per share in the year-ago quarter.
Income from continuing operations for the second quarter was $37.8 million or $0.23 per share,compared to $63.7 million or $0.40 per share in the prior year quarter.
Excluding items, adjusted income from continuing operations for the latest second quarter was $42.9 million or $0.26 per share.
Net sales for the quarter increased 44% to $1.24 billion from $862 million in the comparable quarter last year, driven by the inclusion of sales from the recently acquired Lane Bryant and Catherines businesses.
On average, analysts polled by Thomson Reuters expected the company to earn $0.23 per share on revenue of $1.23 billion for the second quarter. Analysts' estimates typically exclude special items.
The company reaffirmed guidance for adjusted earnings per share from continuing operations for the fiscal year ending July 2013 in the range of $1.20 to $1.30.
The guidance is based upon various assumptions, including spring season comparable store sales increases in the range of 0% to 3% and comparable e-commerce sales growth of approximately 25%. Spring Season store openings are expected to be in the range of 100 - 120 and closings are expected to be in the range of 40 - 60.
Analysts currently expect the company to earn $1.24 per share for the fiscal year 2013.
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