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ANNUAL REPORT 2018 Ascenaretail.Com Our Core Purpose

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ANNUAL REPORT 2018 Ascenaretail.Com Our Core Purpose ANNUAL REPORT 2018 ascenaretail.com our core purpose WE PROVIDE ALL WOMEN AND GIRLS WITH FASHION AND INSPIRATION FOR LIVING CONFIDENTLY EVERY DAY. FISCAL 2018 LETTER FROM THE CHAIRMAN L ooking back at our fiscal 2018, we are pleased On that front, we were pleased with the 4% with the progress we are making in our roadmap for comparable sales increase we delivered in the fourth recovery at ascena—and excited for what’s to come. quarter of fiscal 2018, providing us with good This roadmap is driven by our Change for Growth momentum as we head into fiscal 2019. We’re using transformation program, which is based on three an agile, customer-centric mindset that’s laser-focused pillars—cost takeout, capability enhancement and the on giving our customers the products and experiences reinvigoration of our core business. she truly wants—to fulfill our core purpose of providing all women and girls with fashion and Over the past two years, we have built a strong inspiration for living confidently every day. foundation to make ascena—and our collective of brands—better, faster and more cost-efficient. “We’re using an agile, customer-centric mindset that’s laser-focused on We are taking costs out of our system, tracking comfortably toward our goal of $300 million in giving our customer the products annual run-rate savings by July 2019. Cost savings have and experiences she truly wants.” been realized across our organization. We now have a leaner operating model, a smaller and more agile store How? We’re gathering deeper customer insights to portfolio, as well as scale efficiencies related to our understand how she perceives our brands and how non-merchandise spend. they fit into her lifestyle. By putting ourselves in her shoes, we can identify unmet needs that address her “We have built a strong foundation pain points and offer solutions that translate into customer inspiration across all channels. This includes to make ascena—and our expanding our brand reach—such as offering collective of brands—better, Lou & Grey merchandise at Nordstrom or adding a faster and more cost-efficient.” plus-size assortment at LOFT—and enhancing customer engagement with special in-store services In parallel, we’ve been investing in new capabilities and events like ear piercing and birthday parties across the organization—everything from best-in-class for our girls at Justice. distribution / fulfillment and technology innovation to advanced merchandise planning and marketing This customer-centric strategy, which was the driving systems. We expect these investments will force behind the strong turnaround we saw at Justice provide meaningful benefits in areas such as during the second half of fiscal 2018, is now being inventory productivity and more effective implemented across our entire brand portfolio. customer personalization. Leveraging this entrepreneurial mindset—along As we enter fiscal 2019, we are leveraging the with the “power of the collective”—is gaining foundation we’ve built over the past two years to momentum across the organization. Not only are we pivot the organization toward the most critical pillar understanding the synergies between brands and of our transformation program—reinvigorating cultivating innovation, we are committed to sharing growth from our core. talent across the enterprise by actively promoting from within. In fact, in recent months we have filled more than two dozen senior leadership roles with internal talent. 03 04 FISCAL 2018 LETTER FROM THE CHAIRMAN FY2018 SUMMARY While change is never easy, I am immensely proud of the talent and resilience of our organization, and all that we’ve accomplished over the past two years. “We are deeply grateful for the $6.58B TOTAL REVENUE commitment that our associates make every day to our customers, our business and to each other. ” I’m also proud of our efforts to drive positive change for women and girls, as part of our core purpose. To date, we have raised and donated $125 million, and now we aim to double our impact to $250 million by 2025—to help women and girls be their best selves. You can read more about these efforts 63,000 in our first-ever ascena Responsibility Report, which is now posted on ascenaretail.com. TOTAL ASSOCIATES We are deeply grateful for the commitment that our associates 95% of our associates are women make every day to our customers, our business and to each other. We also thank our stockholders and vendor partners for their continued support. At ascena, we have a clear roadmap for the future—rooted in a solid infrastructure supporting a portfolio of iconic brands, led by talented leadership and powered by a team of dedicated associates. We believe our aggressive transformation efforts will drive top-line improvement and sustainable earnings performance—delivering healthy growth over the long term. 4,600 TOTAL STORE COUNT DAVID JAFFE Chairman and CEO ascena retail group, inc. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This 2018 Annual Report 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,” “guidance,” 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 those risks and uncertainties are readily available in the Company’s filings with the U.S. Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 03 04 05 06 06 has creates modern, feminine, delivers style evolved with the needs of real and versatile clothing for a wide and comfort, inspired women, who live full, happy range of women with one common for millennial women. Lou & Grey and accomplished lives, for style goal: to look and feel confident, offers a thoughtfully designed and more than 60 years. We are wherever the day takes them. From edited collection of easygoing, her go-to style destination everyday essentials to attainable texture-rich styles for every day. for apparel, shoes, and trends, LOFT consistently serves Whether she’s shopping the accessories. It’s more than up color, print, pattern, and novelty collection or highly curated third- just getting dressed: that never compromises on quality party product, Lou & Grey takes we get her ready. and fit (from petites to plus to her from lounge to street and tall to maternity). beyond—so that she has all the feels, all the time. believes girls are the has challenged future and focuses norms for over 110 years, since on building confidence and self- its start when Lena Bryant esteem in young girls ages 6 to created the first known 12 by providing on-trend fashion OUR COLLECTIVE commercially sold maternity merchandise and accessories, dress. Today as the nation’s inspiring them to be themselves, OF BRANDS leading retailer of women’s pursue big dreams, and lift each special size apparel, Lane Bryant other up. and Cacique, our sexy and comfortable intimates collection, ascenaretail.com champion body equality with a focus on fashion and fit. was founded inspires women of is a specialty over 50 years ago by a woman all shapes and sizes to look and feel boutique destination, offering determined to change her great by offering an authentic and an assortment of women’s community. A fashion leader welcoming boutique experience clothing for every day and in extended plus sizes, and celebrating the community occasion in sizes 2-24. Inspiring Catherines works to help connections we all share. We are women to look and feel every woman feel beautiful passionate about supporting beautiful, dressbarn features and is dedicated to bettering those who support others—and wear-now fashion for women that communities. giving back to those women in meets her needs, her body and our communities. her lifestyle. It is all designed and curated with her in mind. And only her. 05 06 06 2018 FINANCIAL HIGHLIGHTS (DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS) OPERATING RESULTS 2018 2017 2016 Net Sales $6,578.3 $6,649.8 $6,995.4 Operating Income (Loss) 34.3 (1,313.8) 9 3 . 8 Net Loss (39.7) (1,067.3) (11.9) Net Loss per Common Share - Diluted $(0.20) $(5.48) $(0.06) Adjusted EBITDA (A) 462.0 528.6 644.6 Adjusted Net (Loss) Income (A) (4.6) 42.2 118. 5 Adjusted Net (Loss) Income per Common Share - Diluted (A) $(0.02) $0.22 $0.60 FORM 10K FINANCIAL POSITION 2018 2017 2016 Cash and Cash Equivalents $238.9 $325.6 $371.8 Working Capital 219.6 185.2 226.3 Total Assets 3,570.5 3,871.5 5,506.3 Total Debt 1,328.7 1,538.1 1,648.5 Total Equity $798.5 $821.0 $1,863.3 Number of Stores at End of Fiscal Period 4,622 4,807 4,906 Total Gross Square Footage (in Millions) 25.4 26.4 26.9 (A) Excludes certain expenses which Management believes are not indicative of the Company’s underlying operating performance. Refer to our Current Report on Form 8-K dated September 24, 2018 and Current Report on Form 8-K dated September 25, 2017 for a full reconciliation and discussion of these non-GAAP financial measures to the closest comparable GAAP measures. 07 08 2018 FINANCIAL HIGHLIGHTS FORM 10K 07 08 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
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