Ascena Retail backs FY17 adjusted EPS view 60c-65c, consensus 61c
President and CEO David Jaffe said, "Market conditions are challenging, and at this time, we believe it is prudent to assume that they will remain so. We are focused on the areas of the business that we can control. We expect to drive down inventory levels, execute cost controls, and build a more flexible and responsive organization in general. While these actions will support our near-term performance, we will also continue to aggressively work on our enterprise transformation to create sustainable performance for the longer term through enhanced customer facing capabilities. The tough environment certainly highlights the necessity of the transformation we are executing, and we are working to ensure that ascena emerges as a strong competitor that can simultaneously drive value to a demanding customer and produce the returns expected by our shareholders."