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ASNA > SEC Filings for ASNA > Form 8-K on 16-Dec-2011All Recent SEC Filings

Show all filings for ASCENA RETAIL GROUP, INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for ASCENA RETAIL GROUP, INC.


16-Dec-2011

Other Events, Financial Statements and Exhibits


Item 8.01 Other Events

Effective with the beginning of its current fiscal year ending July 28, 2012, Ascena Retail Group, Inc. (the "Company") implemented a new corporate overhead cost allocation methodology, as further discussed below. Accordingly, this Current Report on Form 8-K is being provided to recast historically reported segment operating results for the fiscal years ended July 30, 2011 ("Fiscal 2011") and July 31, 2010 ("Fiscal 2010"), in order to enhance the comparability of the Company's segment operating performance under the new cost allocation methodology. See attached Exhibit 99.1. There have been no changes in total net sales, total operating income or total depreciation and amortization expense in any period as a result of this change.

Background

Historically, the Company was a single-brand retailer operating under the name of dressbarn. As such, all corporate overhead costs were reported historically within the dressbarn operating segment. As the Company's legal entity structure evolved with the acquisitions of the maurices brand in Fiscal 2005 and the Justice brand in Fiscal 2010, the Company allocated approximately $2 million of corporate overhead costs annually to each of those operating segments from the dressbarn operating segment. But, the remainder of the corporate overhead costs continued to be reported primarily within the dressbarn operating segment.

In January 2011, the Company completed an internal corporate reorganization and established a new holding company to own the interests of each of the dressbarn, maurices, and Justice brands through wholly owned subsidiaries. In connection therewith, beginning in Fiscal 2012, the Company implemented a new methodology to allocate corporate overhead costs to each of its operating segments on a reasonable basis.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number   Description
99.1             Reconciliation of segment operating income under the historical and
                 recasted basis of reporting for Fiscal 2011 and Fiscal 2010.


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