Ascena Retail earnings (NASDAQ:ASNA) was released late in the day Monday and the company’s results were stronger than what analysts were calling for in the Wall Street consensus estimate, sending the company’s stock soaring late in the day.
For its first quarter of its fiscal 2019, the women’s apparel retailer brought in a profit of $5.9 million, or 3 cents per share, which is a decline from the $6.6 million, or 3 cents per share from the year-ago quarter. The company brought in revenue of $1.59 billion, compared to its $1.589 billion during the year-ago quarter.
Ascena Retail’s sales were stronger than the $1.56 billion that analysts were calling for in the Wall Street consensus estimate. “Our first quarter results represent another step forward in our journey to transform Ascena into a more agile, profitable company,” said CEO David Jaffe.
For its second quarter of the fiscal year, the retail company is forecasting an adjusted loss in the range of 25 cents to 15 cents per share, while revenue is slated to be in the range of $1.675 billion and $1.705 billion. For its fiscal 2019, Ascena predicts adjusted earnings between the break-even point and 10 cents per share.
ASNA stock is soaring about 12.8% after the bell on Monday following the company’s strong quarterly earnings showing. Shares had been declining about 9.3% during regular trading hours as the company geared up to report.