Ascena Retail Group Inc (NASDAQ: ASNA) was a major gainer in Thursday’s session to close the day with gains of 43.09%. This came after one of its business segments, LOFT celebrated the climax of its campaign dabbed the National LOFTimist day. The company started the campaign at the beginning of the month, and involved giving audience to 20 inspiring women from diverse backgrounds. The goal was to define a LOFTimist person as one that is optimistic of the future, generous and loving.
Commenting on the campaign, LOFT Chief Marketing Office Laura Jacobs said that, the definition of a LOFTimist person as given by the company was borne out of what clients had to say about the brand. She added that, the campaign was an opportunity to celebrate those who bring the company’s spirit of optimism to life.
The climax of this brand-building activity was announced just a day after the company announced the winding down of the Dressbarn brand. The company stated that, the winding down of 650 stores would get rid of $300 million in lease liability. It further announced that, the performance of the Dressbarn brand helped offset the costs of the winding down by $60 million. The company further announced that, all of Dressbarn intellectual property assets would now be under another company.
Commenting on the news, CEO Gary Muto stated that, the completion of the winding down marked a major step in the transformation of the company. He stated that the winding down was in line with the company’s three main priorities of sustainable growth, capital optimization, and better-operating margins.
From its price action, ASNA is in a breakout. It opened the day at $4.57 and traded between a low of $4.57 and a high of $6.36, before closing the day at $6.11.Volumes in the day stood at 2.05 million.
About Ascena Retail Group Inc
Ascena Retail Group Inc is a specialty retailer for women apparel. It has its headquarters in Mahwah, New Jersey.