Ascena Retail shares rally after earnings beat

Ascena Retail Group Inc. shares rallied in the extended session Tuesday after the operator of Ann Taylor and Lane Bryant stores topped Wall Street earnings estimates for the quarter. Ascena shares surged 8.7% to $12.80. The company reported adjusted first-quarter earnings of 36 cents a share on revenue of $1.67 billion. Analysts surveyed by FactSet had forecast 28 cents a share on revenue of $1.78 billion. Ascena forecast full-year earnings of 75 cents to 80 cents a share, while analysts expect 75 cents a share.

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