Why Ascena Retail Group Inc. Stock Plummeted Today

Shares of Ascena Retail Group Inc. (NASDAQ: ASNA) were down 21.7% as of 12:00 p.m. EST Tuesday after the women's clothing retailer announced weaker-than-expected quarterly sales.

More specifically, Ascena's fiscal first-quarter 2018 revenue declined 5.3% year over year, to $1.59 billion -- near the low end of its latest guidance, for a range of $1.58 billion to $1.62 billion -- including a consolidated same-store sales decline of 5%. On the bottom line, that translated to adjusted net income of $0.11 per diluted share, down from $0.18 per share in the same year-ago period, but roughly in line with Wall Street's expectations.

IMAGE SOURCE: ASCENA RETAIL GROUP

Source: Fool.com