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2017 Investor Day Presentation

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2017 Investor Day Presentation 2017 Investor Day January 18, 2017 Safe harbor statement – reconciliation of non-GAAP measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and are indicated by words or phrases such as “anticipate, “estimate,” “expect,” “project,” “plan,” “we believe,” “will,” “would” and similar words or phrases, and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the future results, performance or achievements expressed in or implied by such forward-looking statements. Detailed information concerning the Company’s risks and uncertainties are readily available in our Annual Report on Form 10-K for the Fiscal Year Ended July 30, 2016 (“Fiscal 2016 10-K”). We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Where indicated, certain financial information herein has been presented on a non-GAAP basis. This basis adjusts for non-recurring items such as (i) acquisition and integration expenses, (ii) restructuring and other related charges incurred under the Company's Change for Growth initiative, (iii) the impact of a 53rd week included in our Fiscal 2016 financial results and (iv) non-cash charges associated with the purchase accounting adjustments of ANN's assets and liabilities to fair market value, primarily reflecting inventory expense, depreciation and amortization expense, and lease-related adjustments. Management believes that these items are not indicative of the Company’s underlying financial performance. In addition, we present the financial performance measure of earnings before interest, taxes, depreciation and amortization (“EBITDA”), which has also been adjusted for these non-recurring items (“Adjusted EBITDA”). Many investors also use non-GAAP measures as a common basis for comparing the performance of different companies. A general limitation of non-GAAP measures is that they are not prepared in accordance with U.S. generally accepted accounting principles and may not be comparable to similarly titled measures of other companies due to differences in methods of calculation and excluded items. These non-GAAP measures should be considered in addition to, not as a substitute for, the Company’s Operating income (loss) and Net income (loss) per common share, as well as other measures of financial performance and liquidity reported in accordance with U.S. generally accepted accounting principles. Reference should be made to our year-end fiscal 2016 and Q1 fiscal 2017 earnings releases filed in our Current Reports on Form 8-K dated September 19, 2016 and December 1, 2016, respectively, for a reconciliation of non-GAAP adjusted financial measures to the most directly comparable GAAP financial measures. Additionally, a reconciliation of the projected non-GAAP measures, which are forward-looking, to the most directly comparable GAAP financial measures, is not provided because the Company is unable to provide such reconciliation without unreasonable effort. The inability to provide a reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. These GAAP measures may include the impact of such items as restructuring charges, acquisition and integration related expenses, asset impairments and the tax effect of all such items. As previously stated, the Company has historically excluded these items from non-GAAP financial measures. The Company currently expects to continue to exclude these items in future disclosures of non-GAAP financial measures and may also exclude other items that may arise (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of items that result in non-GAAP adjustments, such as actions under the Company's Change for Growth program, or acquisition and integration expenses, are inherently unpredictable as to if or when they may occur. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results. 2 Agenda Welcome / introduction David Jaffe, CEO, ascena Brand Services / ‘Change for Growth’ Brian Lynch, COO, ascena Financial outlook Robb Giammatteo, CFO, ascena BREAK Premium Fashion segment Gary Muto, Segment CEO Ann Taylor, LOFT, and Lou & Grey Value Fashion segment George Goldfarb, Segment CEO maurices and dressbarn Plus Fashion segment Scott Glaser, Segment CFO Lane Bryant and Catherines Kids Fashion segment Lece Lohr, Segment President Justice Q&A Corporate / Segment Leaders 3 David Jaffe Chief Executive Officer Investment highlights • Largest specialty apparel retailer focused exclusively on women and girls • Diversified portfolio of brands, customers, and real estate • Efficient, scalable shared services platform • Positioned to navigate dramatic industry change • Strong cash flow and liquidity 5 Largest specialty apparel retailer focused exclusively on women and girls… LTM Net Sales ($ millions) (a) $ 15,472 $ 12,480 $ 7,002 $ 3,618 $ 3,529 $ 3,403 $ 2,489 $ 2,441 $ 2,279 $ 2,259 $ 1,763 $ 1,481 $ 1,027 $ 934 $ 391 $ 385 Gap Buckle ascena J.Crew Chico's Express L Brands L Fitch Banks Company Lululemon New York NewYork & Aéropostale BebeStores Outfitters Christopher & Christopher Abercrombie& American American Eagle Urban Urban Outfitters Children'sPlace (a) Public company filings – latest reported quarter as of 1/2/2017 6 …built on a history of successful acquisitions of Brands with significant heritage 2011: ascena Retail Group, Inc. becomes the successor reporting company to The Dress Barn, Inc. Founded 1954 Founded 1987: Under Limited Too banner 2005: dressbarn 2012: ascena acquires acquires maurices Charming Shoppes, Inc. Founded 1931 Founded 1960 1900 1960s 1980s 2000 2005 2010 2015 Founded 1900 Founded 1962 1998: First 2009: dressbarn 2015: ascena Ann Taylor LOFT acquires Justice acquires ANN INC. store opens 2014: First Lou & Grey store opens 7 Well-diversified brand portfolio covering multiple customer segments… 8 …with diversified revenue base spread across multiple real estate formats Total Revenue Mix (a) Real Estate Format (a) Justice Lifestyle/ LOFT 15% Downtown 23% 11% Outlet 14% Strip 45% Lane Bryant 16% Ann Taylor 12% Enclosed Mall 30% maurices 15% Catherines dressbarn 5% 14% (a) Figures shown reflect year-end fiscal 2016, and include Premium Segment revenue for the three week pre-acquisition stub period 9 Scalable shared services platform – $300+ million investment (FY13 – FY16) • Efficient distribution and fulfillment network • Omni-channel platform • Global sourcing capability • Consolidated corporate functions 10 Operating Environment Widespread consumer changes have impacted our business… Health Care Services • Sustained spending shift 21.7% away from consumer Goods discretionary 18.9% 18.3% 18.0% 17.3% 15.9% 2006 2007 2008 2010 2011 2012 2013 2015 2009 2014 Source: Bureau of Labor Statistics 12 Widespread consumer changes have impacted our business… Estimated Amazon Total Gross Merchandise Value ($B) • Sustained spending shift 112.2 away from consumer Third Party Amazon Direct discretionary CAGR ~54% • Increasing market 78.2 fragmentation / 55.6 Amazon effect 45.9 CAGR 33.5 ~30% 22.8 2010 2011 2012 2013 2014 2015 Source: Deloitte Development LLC, Deloitte Retail Volatility Index, 2016 13 Widespread consumer changes have impacted our business… Direct Channel Penetration Total Company Legacy ASNA 17.8% 18.5% • Sustained spending shift 11.1% 9.7% away from consumer 8.1% discretionary • Increasing market FY13 FY14 FY15 FY16 FY17 Q1 fragmentation / Direct Channel – Traffic Mix Amazon effect 81% Desktop & Tablet • Channel disruption 72% Mobile 62% 53% 53% 47% 47% 38% 28% 19% FY13 FY14 FY15 FY16 FY17 Q1 14 Widespread consumer changes have impacted our business… • Sustained spending shift 2010-2015 2015 - 2018 (E) (CAGR) (CAGR) away from consumer discretionary 15.2% • Increasing market fragmentation / Amazon effect 9.0% 7.3% • Channel disruption 6.0% • Increasing importance of 3.3% price and buy-now / wear-now on purchase 0.0% Specialty Off-Price Fast Fashion intent Source: Goldman Sachs Research, September 2016 15 …and we have responded to mitigate these challenges • Leverage our existing supply chain network 16 …and we have responded to mitigate these challenges • Leverage our existing supply chain network • Rollout new omni- channel platform 17 …and we have responded to mitigate these challenges • Leverage our existing supply chain network • Rollout new omni- channel platform • Restructured our operating model 18 Our segment leaders continue to execute brand strategies to serve our customers… Customer Experience • Unique, in-store experiences • Seamless omni experience • Brand differentiation Fashion Execution • Pricing architecture • Assortment strategy • Speed / sourcing 19 …while we are transforming our business to address structural challenges Operating Efficiencies • Operating model • Non-merchandise spend • Store fleet productivity Capabilities • Planning and allocation • CRM / segmentation • Advanced analytics 20 In closing… • Our scale, diversification, and platform capabilities differentiate our competitive position • Focused enterprise transformation initiatives grounded in
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