Ascena Retail Group reports Q4 net loss of 420 million dollars

Net sales for the fourth quarter of fiscal 2019 at Ascena Retail Group, were 1,454 million dollars compared to 1,520 million dollars in the year-ago period, reflecting flat comparable sales for the quarter and the unfavourable impact resulting from the 53rd week recorded in the prior fiscal year. The company said in a statement that gross margin decreased to 789 million dollars or 54.3 percent of sales, while net loss from continuing operations was 420 million dollars or 2.12 dollars per diluted share compared to net income from continuing operations of 16 million dollars or 8 cents per diluted share, in the year-ago period.