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Fly News Breaks for July 13, 2015
ASNA
Jul 13, 2015 | 08:14 EDT
After Ascena cut its fiscal 2015 EPS guidance, Oppenheimer believes that two-thirds of the guidance reduction was related to inventory reductions at the company's Justice business ahead of the back-to-school season. The firm does not think the guidance reduction indicates that the company's new strategy is deficient. Oppenheimer says the company's longer term outlook is intact, and it reiterates an Outperform rating.
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