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ASNA

Ascena Retail

$5.60

-0.02 (-0.36%)

18:12
10/04/16
10/04
18:12
10/04/16
18:12

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."

ASNA Ascena Retail
$5.60

-0.02 (-0.36%)

09/20/16
09/20/16
DOWNGRADE

Perform
Ascena Retail downgraded to Perform at Oppenheimer
As previously reported, Oppenheimer analyst Anna Andreeva downgraded Ascena Retail to Perform from Outperform following the company's "disappointing" Q4 EPS miss. The analyst says that while Justice's turnaround is proceeding on plan, volatility across other divisions keeps her sidelined.
09/20/16
RBCM
09/20/16
DOWNGRADE
RBCM
Sector Perform
Ascena Retail downgraded on Q4 results at RBC Capital
As noted earlier, RBC Capital downgraded Ascena to Sector Perform from Outperform. Analyst Brian Tunick downgraded the stock based on the company's Q4 EPS miss and its lower than expected fiscal 2017 EPS guidance. Target $7.
09/20/16
RHCO
09/20/16
NO CHANGE
RHCO
Ascena Retail outlook still positive despite Q4 miss, says SunTrust
SunTrust analyst Pamela Quintiliano says that Ascena's initiatives remain on track, as the momentum of its Justice unit should continue during the holiday season. She thinks that the company has multiple additional near-term positive catalysts. The analyst cut her price target on the shares to $8 from $10 but keeps a Buy rating on the stock.
09/20/16
09/20/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Ford (F) downgraded to Neutral from Buy at Buckingham with analyst Joseph Amaturo saying he believes North American volume and pricing trends for trucks will deteriorate and is concerned that the passenger car market will remain challenged given stiff competition from Japanese and European OEMs that can heavily discount due to weak currencies. 2. General Mills (GIS) downgraded to Underperform from Neutral at Consumer Edge. 3. Ascena Retail (ASNA) downgraded to Sector Perform from Outperform at RBC Capital and to Perform from Outperform at Oppenheimer. 4. Avnet (AVT) downgraded to Hold from Buy at Stifel and to Sell from Hold at Cross Research. 5. HD Supply (HDS) downgraded to Sector Perform from Outperform at RBC Capital with analyst Deane Dray saying it will take several quarters for the company to address its supply chain errors, and she expects the stock "to stay range bound over the medium term." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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