The Ascena Retail Group Inc. (NASDAQ:ASNA) shares were down a staggering 21.7 percent as of 12:00 PM EST today after the group announced their weakened third-quarter sales.
Ascena’s retail brands suffered as a whole: Ann Taylor and LOFT declined 6%, Maurices and Lane Bryant lost 5%, Dressbarn suffered 10%, Catherines is down 3% and Justice 2%.
David Jaffee, Ascena CEO, notes their earnings happened to be in the middle of their company’s guidance range but still sees the figures as a rather “disappointing quarter.”
Jaffee elaborated on the subject by saying, “We were unable to capitalize on the improving macro traffic environment due to fashion missteps that we cannot afford in today’s environment.”
What’s Next?
With all of that said, Ascena continues to put into action their restructuring that is aimed at improving their product execution and drive their sales. Although the group is taking necessary steps towards returning profitable growth, in the long run, the market hates being told ‘hurry up and wait.” It’s no big surprise to Ascena’s shares down the way that they are, as it had been a rather disappointing quarter for its investors.
Featured Image: twitter
