Ascena Retail Q1 comparable sales rise 3 percent

For its first quarter ended November 3, 2018, Ascena Retail Group, Inc. reported GAAP earnings of 3 cents per diluted share, flat compared to the year-ago period, as the company said, an increase in comparable sales and lower restructuring costs were offset by the impact of a lower gross margin rate, unfavourable timing related to the adoption of the new revenue recognition accounting standard, and the unfavourable impact of the 53rd week in the company's prior fiscal year. The company’s adjusted earnings were 6 cents per diluted share compared to 11 cents per diluted share in the year-ago period, with the decline primarily caused by the unfavourable impact of the 53rd week and the new revenue recognition standard.