Apparel retailer for women and tween girls, Ascena Retail Group Inc. (ASNA - Snapshot Report), put forward the name of Dirk Montgomery for the position of Executive Vice President and Chief Financial Officer. Mr. Montgomery will take over the new positions starting January 16, 2013.
Dirk Montgomery possesses tangible experience in the field, having worked with companies like Bloomin’ Brands Inc. (BLMN - Snapshot Report), Con Agra Foods Retail Group and Ernst & Young. He most recently served as the Executive Vice President and Chief Value Chain Officer of popular restaurant brands owner, Bloomin’ Brands.
The newly appointed CFO is expected to drive Ascena Retail Group to newer heights. With his leadership traits, expertise and experience, he is expected to guide the company’s business higher and strengthen its position in the specialty retailing industry. Looking forward to working with Ascena Retail Group, Mr. Montgomery expects to steer the company by completing the ongoing integration projects as well as supporting the development and execution of new strategic ideas for growth and value creation.
Dirk Montgomery replaces Armand Correia, who served Ascena Retail Group for 21 years. With his supervision and management, Mr. Correia contributed significantly in helping the company achieve superior growth and return rates for its shareholders, particularly over the last decade.
Meanwhile, the owner of Dressbarn, Justice and other brands, reported sales increase of 48% year over year to $1.138 billion for the first quarter of fiscal 2013, mainly driven by the inclusion of results from the newly acquired Lane Bryant and Catherines businesses as well as a 9% jump in sales from its legacy brands.
Comparable store sales (comps) at the company’s stores inched up 1%, while e-Commerce comps were up 42% resulting in a total increase of 4% in its quarterly comps.
Ascena Retail Group Inc. operates as a specialty retailer of apparel for women and teen girls in the United States, Puerto Rico and Canada. The company operates approximately 3,800 stores in 48 states of United States, Puerto Rico and Canada.
Ascena, which competes with Aeropostale Inc. and Kohl’s Corporation (KSS - Analyst Report), has a Zacks Rank #3 (Hold).
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