GROWING TOGETHER
O U R P A T H T O S U C C E S S
2015 Annual Report
FISCAL YEAR 2015
was a year of transition and transformation at ascena.
One that saw significant maturation of our shared services
capability, the start of a turnaround at Justice, and the
acquisition of ANN INC., which has transformed ascena into
the third largest domestic specialty retailer, and the largest
focused exclusively on the female consumer.
FROM AN ENTERPRISE PROJECT
standpoint, we achieved two key
milestones during the year – we
completed the transition of all five
of our brands into our Greencastle
ecommerce fulfillment center, and
we successfully transitioned our
merchandising, store systems, and
financial systems at Lane Bryant and
Catherines onto our enterprise
platform. The completion of these
projects marks the end of the
remaining transformational activity
related to the Charming acquisition,
and prepares us well for integration
activity related to our ANN INC.
acquisition.
Fiscal 2015 financial performance
was mixed across our portfolio, with
very strong performance at maurices
and Catherines, and acceleration
of the Lane Bryant business in the
Spring season, offset by challenging
conditions at dressbarn and a full
reset at Justice. Traffic trends continue
to be challenging with Fiscal 2015
representing the third consecutive
year of negative traffic across our
portfolio. For the full year, our total
enterprise comparable sales were
down 1%, with the decline caused
by transitional conditions at Justice
as we exited non-performing
merchandise, and introduced our new
selling model for back-to-school.
Excluding Justice, combined
comparable sales were up 2%.
Significant non-recurring costs
related to goodwill impairment at
Lane Bryant, litigation at Justice, and
integration expenses for the ANN INC.
acquisition resulted in a loss from
continuing operations for the year.
Excluding these non-recurring costs,
income from continuing operations
was $98 million, down 40% to the prior
year, with the decline caused primarily
by conditions at our Justice brand,
reflecting the impact of an inventory
overhang and the transition to a new,
less promotional selling model.
Moving into Fiscal 2016, our
operating model remains the same –
to deliver value to our brands through
a highly efficient shared services
platform, and to allow our brand teams
to concentrate on their respective
customer segments to deliver
unmatched levels of value and
fashion. We feel good about the
direction of each of our brands, and
are very excited to have welcomed
Ann Taylor, LOFT, and Lou & Grey to
our portfolio. Our brands will continue
to realize cost efficiencies from
our Greencastle fulfillment center
throughout the coming year, with all
five brands operating in this center
as of April of this past year. Our shared
services group is aggressively
working to capture the $150 million
in identified synergies related to
our acquisition of ANN INC., with
expected full realization of this
synergy run rate by the end of our
2018 fiscal year. We continue to expect
the ANN INC. acquisition to be a
highly accretive investment for our
shareholders, and we look forward to
sharing best practices from both
organizations as we continue to work
through integration planning.
On the strategic front, we remain
highly focused on development of our
omni-channel platform. We expect our
omni-channel rollout to begin later
this fiscal year, and are excited about
the opportunity to leverage in-house
knowledge at our ANN brands, which
have been operating on an omni-
channel platform for several years.
The bulk of our omni-channel project
investment is behind us, and we
believe we will see significant financial
benefits over time as we are able to
offer our customer a seamless
shopping experience.
Execution on fundamentals is
essential for long-term success, as we
expect challenging macro conditions
to continue. Our brands remain highly
focused on controllable factors –
strong merchandising execution,
effective customer engagement, and
disciplined inventory and expense
management. We continue to
differentiate our operating model
through ongoing development of our
best-in-class shared services platform.
We began Fiscal 2016 with all of our
initial transformational projects
behind us, and we are now focused on
integration of the ANN INC. brands
into our scalable back-end, and
development of world-class omni-
channel capabilities.
ASCENA ANNUAL REPORT 2015
3
Justice
Lane Bryant
maurices
For the year, Lane Bryant combined
comp performance was up 2%.
We saw business accelerate during
the Spring season, where adjusted
operating margin was up
significantly over the prior year,
reflecting better merchandising
execution, as well as strategic pricing
and promotional changes. The brand
finished the year with a significant
operating loss, caused by a non-cash,
non-recurring goodwill impairment.
Excluding this impairment, the brand
operated at a breakeven level, and
we are encouraged by performance
coming out of the Spring season.
maurices had a record year, with
operating income performance up
over 40% to last year. Our combined
5% comp performance for the year
reflected strong merchandising
execution, delivery of “on-trend”
fashion and an integrated, omni-
channel marketing experience. We
continued to increase our design
and sourcing capability, approaching
30% penetration heading into the Fall
season. Returns on our 40 new stores
exceeded expectations, our digital
momentum continued exceeding
30% growth, and we successfully
grew our customer database.
Our Justice business is coming off
its second straight difficult year,
with operating income down
significantly from Fiscal 2014. While
we remain the market share leader
amongst specialty retailers in the
tween category, we needed to
execute a complete turnaround,
inclusive of a new management
team, a refined merchandise
aesthetic, and an all new marketing
and promotion strategy. Total comp
performance was down 10% for the
year as we transitioned the customer
off brand erosive, everyday total
store promotions. We are pleased
with the results we have seen during
back-to-school selling, and believe
the turnaround is progressing in line
with our expectations.
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AS CE NA ANNUA L REPORT 20 1 5
IN CLOSING, FISCAL
2015 WAS A BUILDING
YEAR FOR ASCENA,
which saw significant progress
in development of capability
supporting future growth.
Our investments in our shared
services platform have
positioned us well for the
integration of ANN INC., and
we are looking to fully
integrating Ann Taylor, LOFT,
and Lou & Grey into our
portfolio. As we move into
Fiscal 2016, we are excited by the
opportunities we have across
all of our brands, and look
forward to demonstrating the
strength of our operating model.
We thank our stockholders
and suppliers for their
continued support, as well as
our talented team members
and associates for their
dedication and commitment.
We remain confident that
the unique and scalable model
we are creating positions
us well - to better serve our
customers, enhance our
business and deliver sustainable
growth and increased profits
to our stockholders.
DAVID JAFFE
President and
Chief Executive
Officer
ELLIOT S. JAFFE
Co-Founder and
Non-Executive
Chairman
dressbarn
Catherines
dressbarn had a disappointing
year, caused by merchandising
execution challenges in the
Spring season. Combined comp
performance was down 1% for the
year, but the business decelerated
from Fall, where we saw the first
positive comp performance since
Fiscal 2013. Although the Spring
season was a disappointment,
we were encouraged by the launch
of DRESSBAR, which enhanced
our segment leadership in the dress
category.
Catherines continued to perform
well, with operating income growth
of almost 30% from Fiscal 2014.
Combined comp performance was
up 5% for the year. We have seen 17
straight quarters of combined
comp growth as we continue to
deliver newness and fashion to an
underserved customer segment.
WE’RE
GROWING
B Y A P P E A L I N G T O
“ E V E RY G I R L , E V E RY DAY ”
Building our assortments to
address diverse Girl Profiles.
Increasing versatility and
wearability through a redefined
Fashion Pyramid.
Training associates to serve
as Style Advisors, customizing
the experience and the looks to
make every girl feel great.
Enhancing the store experience
to appeal to a broader lifestyle
and customer need.
B Y R E S T O R I N G M O M ’ S
VA LU E P E R C E P T I O N
Lowering our ticket across all
categories to position us more
competitively.
Offering compelling value
across our assortment in the
form of competitively priced,
prominently-featured Style Buys.
Respecting key category and
occasion shopping periods through
the targeted use of promotions.
B Y P U T T I N G FA S H I O N
F I R S T I N A L L W E D O
Presenting trend-right styles
interpreted for tween girls in our
stores, in our catazine, and in
our digital touchpoints.
Showcasing our Justice outfits
with how-to-wear-it displays and
with related styles merchandised
in distinct fashion shops.
Shifting the message from price
to fashion in all of our commerce
and marketing channels.
B Y F O C U S I N G O N M A R G I N
I M P R OV E M E N T
Tightening inventory levels and
implementing a chase process to
maximize unit selling in high-
performing styles.
Demonstrating restraint in our
use of promotions, eliminating
deep discounts and unproductive
bounce-back programs.
Aggressively managing product
costs while maintaining high
product quality.
7
WE'RE
GROWING
FA S H I O N L E A D E R S H I P
I N A P PA R E L
Through the continuation
of designer collaborations,
improved fashion trend
stories, and the growth of
important sub-brands like
Livi Active and 6th & Lane.
By leveraging loyalty-
building, “Best At” categories
pants and denim while
driving incremental
growth in knits, woven
tops, ready-to-wear, and
new ecommerce exclusive
offerings.
C AC I Q U E M A R K E T
S H A R E G A I N S
Through market-leading
innovation in bras and
increasing brand awareness
and cross-shopping by
apparel customers.
C U S T O M E R
AC Q U I S I T I O N
A N D R E F I N E D
P R O M O T I O NA L
S T R AT E G Y
Investments focused on
new and inactive customers
and through strong
and interruptive brand
campaigns like #ImNoAngel
and #PlusIsEqual, using
elevated creative content.
Targeted reductions to
promotional activity
that restore the brand’s
emphasis on fashion and
contribute to significant
margin expansion.
R E P O S I T I O N I N G O F
T H E S T O R E F L E E T
With a new, modern store
design and a market-based
approach to optimally
positioning stores while
investing in new locations
and renovations.
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ASCENA ANNUAL REPORT 2015
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ASCENA A NNUAL REPORT 20 1 5
WE'RE
GROWING
D O M I NA N T FA S H I O N
P O S I T I O N I N G
D R I V E N B Y S P E E D
A N D I N N OVAT I O N
Grow NYC Design and Trend
Studio.
Increase Plus penetration
through expanded
distribution and offering.
M A R G I N G R OW T H
Increase direct sourced
penetration, leveraging
ascena Global Sourcing.
R O L L O U T 4 0 – 5 0
N E W S T O R E S
E N H A N C E O M N I-
C H A N N E L
E X P E R I E N C E
Launch new ATG platform.
Launch new mobile site.
Launch ship-from-store.
C U S T O M E R
DATA B A S E G R OW T H
Launch new loyalty
program.
Launch brand campaign.
11
WE’RE
GROWING
O U R FA S H I O N
R E L E VA N C Y T H R O U G H
Elevating the look, fit, quality
and value of our assortment.
Broadening our exclusive
offerings through proprietary
design and sourcing.
Expanding DRESSBAR, our
celebration of the dress, with
expanded Fall and Spring
offerings.
O U R B R A N D
R E L E VA N C Y T H R O U G H
Spreading the word
through Fall and Spring
brand campaigns targeting
customer acquisition.
Launching a new ecommerce
platform and responsive
mobile site in Spring
to improve our on-line
experience and continue
building digital content
and awareness.
Leveraging data analytics
to strengthen customer
insights and refine our direct
mail strategy.
O U R E X P E R I E N C E
T H R O U G H
Expanding our omni-
channel focus.
Reaching new customers
through our store outreach
programs.
Continuing to reposition
the fleet, and testing a new
smaller store prototype.
Continuing to deliver
a unique and special
shopping experience.
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ASCENA ANNUAL REPORT 2015
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ASCENA ANN UAL REPORT 2 0 15
WE’RE
GROWING
P R O D U C T
O F F E R I N G S
Focusing on fit, comfort
and fashion.
Strengthening our
casual sportswear and
emerging businesses.
Offering ecommerce
exclusive product.
C U S T O M E R
AC Q U I S I T I O N
Targeted offers.
Digital acquisition.
R E A L E S TAT E
P R O D U C T I V I T Y
Enhancing the customer
experience with great
product and service.
15
WE’RE
GROWING
By leveraging cost,
capability, and speed, the
ascena Shared Services
Group provides our brands
with efficient operating
services that enable our
strategic vision.
T H E S H A R E D
S E RV I C E S G R O U P
H A S B E E N H I G H LY
F O C U S E D O N :
Developing world-class
omni-channel capabilities
that improve the customers’
experience.
Maximizing our global
hybrid sourcing network
to provide high quality
product.
Optimizing our world-class
distribution and logistics
networks for speed and cost
efficiency.
Driving transformational
retail infrastructure
capabilities with leading
talent and technology.
17
ACROSS ASCENA, we have a
passion to make a meaningful
difference in the lives of others.
Our rich heritage has been one
of giving without expectation.
This difference is captured in
our philanthropic mission:
Empowering Women and
Children to be their Best.
We accomplish our mission by
supporting programs focused on
women and children’s
empowerment in the areas of
health/wellness, education,
self-esteem and social issues.
In addition to ascena Cares,
each brand has developed a
strong philanthropic emphasis
which supports women and
children’s empowerment issues
that are important to their
customers and associates. The
brands within the ascena family
have contributed over $4 million
to various non-profit
organizations such as the
American Cancer Society, the St.
Jude Thanks and Giving
Campaign®, Dress for Success
and The United Way. The
signature programs offered
through ascena Cares include:
MATCHING GIFTS: Our associates
make a difference every day.
With their gift of time or money,
they have the power to change
a life. Our Matching Gifts
program offers a dollar-for-
dollar match for time or money
donated and creates positive
change, one associate at a time.
CRISIS RELIEF: The impact that
a disaster such as a flood,
tornado, wildfire has on our
communities can be extensive
and far-reaching. We are
committed to the communities
we serve and when disasters
happen, we partner with relief
agencies to support needs.
THE ASSOCIATE SCHOLARSHIP
PROGRAM: We believe in the
importance of education.
Together, our brands, the Jaffe
Family Foundation and the
ascena Foundation offer an
annual scholarship program that
supports our associates and
their dependents who are
attending a post-secondary
institute. Since the program was
started, we have helped over 600
students attend school.
DIMES FROM THE HEART: Dimes
from the Heart is a short-term
emergency assistance fund that
allows our associates to apply
for a grant when an unexpected
need arises. During Fiscal 2015,
we awarded over $200,000 in
grants to over 200 associates.
THE ROSLYN S. JAFFE AWARDS:
2015 is our second year of the
Roslyn S. Jaffe Awards. Roslyn
Jaffe, co-founder of dressbarn,
has a motto: “when life gives you
lemons, make lemonade.” This
award celebrates that spirit by
recognizing everyday heroes who
are making the world a better place
for women and children. Last year,
three winners received grants in
the amount of $150,000. These
recipients have applied their grants
to increase the scope and reach of
their charitable organizations.
In our second year, we
received over 2000 applications
and awarded grants to three
deserving organizations, and
their founders. The grant
recipients were celebrated at
a luncheon in NYC, hosted by
Soledad O’Brien in October, 2015.
We are looking forward to the
awards again in 2016.
FOR MORE INFORMATION ON THE
PROGRAM AND WINNERS, VISIT
WWW.JAFFEAWARDS.COM.
ASCENA ANNUAL REPORT 201 5
19
2015 FINANCIAL
HIGHLIGHTS
(D OLLARS IN MIL LIONS EXCE P T P E R SHARE AMOUN TS)
Operating Results
2015
2014
2013
Net Sales
$4,802.9
$4,790.6
$4,714.9
Operating (Loss) Income
Adjusted Operating Income (A)
Net (Loss) Income (B)
Adjusted Net Income (A) (B)
Net (Loss) Income as a Percent of Net Sales (B)
Adjusted Income as a Percent of Net Sales (A) (B)
(234.9)
162.4
(236.8)
98.1
(4.9%)
2.0%
Net (Loss) Income per Common Share-Diluted (B)
($1.46)
Adjusted Income per Common Share-Diluted (A) (B)
$0.59
210.8
253.4
138.2
164.8
2.9%
3.4%
$0.84
$1.00
265.3
334.0
155.2
204.2
3.3%
4.3%
$0.95
$1.25
Financial Position
2015
2014
2013
Working Capital
Total Assets
Total Equity
Number of stores at end of fiscal period
Total Gross Footage (in millions)
$232.2
2,915.7
1,518.1
3,895
21.2
$291.7
3,123.8
1,737.7
3,896
21.2
$306.3
2,871.7
1,556.4
3,859
21.0
(A) Excludes certain expenses which Management believes are not indicative of the Company's underlying operating performance. Refer to
our Annual Report on Form 10-K for the fiscal year ended July 25, 2015 and our Current Report on Form 8-K dated September 16, 2015 for a
full reconciliation and discussion of these non-GAAP financial measures to the closest comparable GAAP measure.
(B) Represents net income from continuing operations.
20 ASCENA A NNUAL REPORT 20 1 5
Net Sales
Adjusted Operating Income (A)
DOLLARS IN MILL IONS
DOLLARS IN MILL IONS
$4,802.9
$334.0
$4,790.6
$4,714.9
$253.4
$162.4
2015
2014
2013
2015
2014
2013
Adjusted Net Income (A)(B)
DOLLARS IN MILL IONS
Adjusted Earnings Per Share (A)(B)
DILU TED
$204.2
$1.25
$164.8
$98.1
$1.00
$0.59
2015
2014
2013
2015
2014
2013
ASCENA ANNUAL REPORT 2015
21
DIRECTORS, OFFICERS & KEY MANAGEMENT
Directors
E L L I O T S . JA F F E
Co-Founder & Non-Executive
Chairman
DAV I D JA F F E
President & Chief Executive
Officer
J O H N S U L L I VA N
President & Chief Operating
Officer, ascena Shared Services
Group
DAV I D L . J O H N S
SVP, Chief Information Officer
Lane Bryant
Dressbarn
L I N DA H E A S L E Y
President & Chief Executive
Officer
J E F F G E R S T E L
President & Chief Executive
Officer
L O U A N N B E T T
EVP, Chief Merchandising Officer
J U D I L A N G L E Y
EVP, Chief Merchandising Officer
R O S LY N S . JA F F E
Co-Founder, Secretary & Director
Emeritus for Life
K AT E B U G G E L N (1,2)
Governing Board, Business
Council for Peace
J O H N U S DA N (1,2,3)
President, Midwood
Management Corporation
K L AU S E P P L E R (3)
Pensioned Partner, Proskauer
LLP
R A N DY L . P E A R C E (1,2)
Lead Independent Director
(1) Member, Compensation and
Stock Incentive Committee
(2) Member, Audit Committee
(3) Member, Nominating and
Corporate Governance
Committee
ascena Retail
Group, Inc.
E L L I O T S . JA F F E
Co-Founder & Non-Executive
Chairman
DAV I D JA F F E
President & Chief Executive
Officer
J O H N P E R S H I N G
EVP, Chief Human Resources
Officer
R O B B G I A M M AT T E O
EVP, Chief Financial Officer
E R N E S T L A P O R T E
SVP, Chief Accounting Officer
T O M C A L D E RW O O D
SVP, Corporate Tax
R O N N I E R O B I N S O N
President, ascena Global
Sourcing
S T E V E DA L E Y
SVP, Supply Chain
B R I A N B E I T L E R
EVP, Chief Marketing Officer
M A R C Y S C H A F F I R
SVP, Merchandising Manager
T H E R E S A S U L L I VA N
SVP, Human Resources
S A N D R A T I L L E T
SVP, Stores & Store Operations
J E F F L I S S
SVP, Operational Transformation
& Digital Services
J E F F R E Y PA R I S I A N
SVP, Real Estate
N Y L A B E N S O N
SVP, Human Resources
S C O T T G L A S E R
SVP, Chief Financial Officer
K I R K S I M M E
SVP, Credit
Justice
B R I A N LY N C H
President & Chief Executive
Officer
L E C E L O H R
EVP, Chief Merchandising Officer
B R I A N R O G E R S
SVP, Human Resources
C H R I S K A I G H N
SVP, Stores & Store Operations
A L A N H O C H M A N
SVP, Real Estate & Store Planning
C AT R I O NA VA N DYC K
SVP, Planning & Allocation
JA S O N J U D D
VP, Chief Financial Officer
L I S A W E G M A N N
VP, Strategic Initiatives
N I C K H A F F E R
VP, Planning & Allocation
S T E FA N VO N Z A S T R OW
VP, New Business Development
& Strategy
Maurices
G E O R G E G O L D FA R B
President & Chief Executive
Officer
E R I N S T E R N
EVP, Chief Merchandising Officer
S U E R O S S
EVP, Human Resources
A L I W I N G
EVP, Chief Marketing Officer &
ECommerce
M I K E H E R R I C K
SVP, Planning & Allocation
N E I L M C P H A I L
SVP, Stores
B R I A N T H U N
SVP, Chief Financial Officer
J E F F H O L M E S
SVP, Real Estate & Store Planning
L O R I WAG N E R
Chief Marketing Officer &
EVP, Digital Commerce
C H E RY L S T E V E N S
SVP, Human Resources
G I L D E N N I S
SVP, Stores
R O B I N G R AY
SVP, Planning & Allocation
B E N M O O R E
SVP, Store Development
E L I S E JA F F E
SVP, Real Estate
R A A NA Z I A
SVP, Chief Financial Officer
Catherines
B R E T T S C H N E I D E R
President
J OA N M U N N E L LY
EVP, Chief Merchandising Officer
S T E P H A N I E NA N Z
VP, Planning & Allocation
C H I P M A R D I S
VP, Human Resources
S U S A N R E I M A N
VP, Stores
B R A D O R L O F F
VP, Marketing
M A R K M U E L L E R
VP, Real Estate
J O E L O N G
VP, Chief Financial Officer
22
ASCENA ANNUA L REPORT 2 0 1 5
CORPORATE INFORMATION
The Annual Meeting
The Annual Meeting of Stockholders of the
Company will be held:
Thursday, December 10, 2015,
3:30 p.m.
Stage Street Café, dressbarn
933 MacArthur Boulevard
Mahwah, NJ 07430
Form 10-K
To view this annual report online, including our
Annual Report on form 10-K, visit ascenaretail.
com/investors.jsp. A copy of the Company’s Annual
Report on Form 10-K for the fiscal year ended
July 25, 2015, will be provided, without charge,to
stockholders upon written request to:
Investor Relations
ascena Retail Group, Inc.
933 MacArthur Boulevard
Mahwah, NJ 07430
Transfer Agent & Registrar
(for registered stockholders)
Communications concerning stockholder records,
the transfer of shares, lost certificates or change of
address should be directed to:
American Stock Transfer &
Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219
Beneficial Stockholders (shares held by your broker
in the name of the brokerage house) should direct
questions to their broker.
Independent Counsel
Proskauer Rose LLP
Eleven Times Square
New York, NY 10036
Independent Registered Public
Accounting Firm
Deloitte & Touche LLP
100 Kimball Drive
Parsippany, NJ 07054