Ascena Retail postpones Investor Day until January 18, 2017
David Jaffe, President and CEO of ascena retail group commented, "Our leadership team has maintained its focus on long-term value creation for our shareholders by ensuring ascena has a strong combination of attractive brands and leading supply chain capabilities. After more than six months of intense development work, today we begin our comprehensive Change for Growth program to ensure that the Company is effectively positioned to compete in a rapidly and profoundly changing retail and consumer environment. Over the past few years we have made substantial investments in our brand portfolio, supply chain and logistics capabilities, and shared service platform, and we believe we are well positioned to leverage these investments to deliver value for our customers and shareholders. We are ahead of plan with the synergy and cost savings workstreams that will deliver $235 million of cost savings associated with our integration of ANN INC., and the time is right for us to explore additional opportunities to fully exploit the advantages we've developed with our comprehensive shared services platform. Our Change for Growth program is designed to ensure ascena is lean, agile and playing to win. Through this transformation work, we expect to deliver incremental cost savings of $100 to $150 million by fiscal 2019. We will continue to work aggressively on customer-facing capability and operating efficiencies to drive benefits on both the margin and cost side of our financials, and we believe there is additional opportunity beyond what we have highlighted today as we continue our transformation work with Accenture." Jaffe concluded, "We would like to discuss the Change for Growth program in the depth our investors have come to expect, and given the acceleration and the major scope of this overall program, we have decided to postpone our Investor Day until January 18, 2017."