Ascena Retail Group, Inc. (ASNA) reported net income for the third quarter of $31.2 million or $0.19 per share, compared to $49.4 million or $0.31 per share in the year-ago quarter.
Income from continuing operations for the third quarter was $32.9 million or $0.20 per share, compared to $49.4 million or $0.31 per share in the prior year quarter.
Excluding items, adjusted earnings from continuing operations for the latest third quarter were $0.26 per share, down from $0.34 per share in the comparable quarter last year.
Net sales for the quarter increased 46% to $1.14 billion from $783 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 $0.30 per share on revenue of $1.17 billion for the third 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 to a range of $1.10 to $1.15.
Earlier, the company expected adjusted earnings from continuing operations of $1.20 to $1.30 per share for fiscal year 2012.
The company noted that its guidance is based upon various assumptions, including flat to up low single digits total comparable sales for the remainder of its Fiscal 2013 fourth quarter, and between 50 and 60 net new store openings during the Spring Season.
Analysts currently expect the company to earn $1.26 per share for the fiscal year 2013.
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