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Lennar Profit Jumps, Ascena Retail Net Swing to Profit

Author: Mukesh Buch
Last Update: 3:41 AM ET September 20 2016

12:00 PM New York Ascena Retail fourth-quarter net swung to profit $14 million and sales surged 55% to $1.8 billion. Lennar third-quarter net jumped 6% to $236 million and revenues soared 14% to $2.8 billion.

Tollbooth Index edged up 6.01 to 10,914.28.

Earnings Review

Ascena Retail Group Inc (ASNA) tumbled 27.2% or $2.19 to $5.92 after the specialty retailer said net sales in the fourth-quarter ending in July surged 54.7% from a year ago to $1.81 billion.

Comparable store sales in the quarter slumped 4%.

Net in the quarter swung to profit $13.8 million or 7 cents per diluted share compared to the net loss of $323.4 million or $1.98 per share from the same quarter last year.

Ascena Retail forecasted total sales in the fiscal 2017 between $6.9 billion and $7 billion and diluted earnings per share in the range of 46 cents to 51 cents.

Lennar Corporation (LEN) dropped 2.3% or $1.03 to $44.06 after the home-builder said revenues in the third-quarter ending in August soared 14% from a year ago to $2.8 billion.

Net income in the quarter jumped 5.6% to $235.8 million or $1.01 per diluted share compared to the $223.3 million or 96 cents per share from the same quarter last year.

The home-builder reported new orders in the quarter advanced 8% to 7,018 homes and increased 10% in dollar value to $2.6 billion and backlog advanced 12% to 9,253 homes and surged 14% in dollar value to $3.4 billion.
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc