Ascena Retail Group Inc (NASDAQ:ASNA) Turns $3.7 Million To A Cancer Research Program

Ascena Retail Group Inc

Ascena Retail Group Inc (NASDAQ:ASNA), through its subsidiary Ann Inc, the operator of LOFT, Lou & Grey and Ann Taylor brands, has donated $3.7 million to the Breast Cancer Research Foundation (BCRF). The donation is for research aimed at fighting breast cancer, the most common non-skin cancer type in the U.S. Breast cancer is also the second leading killer cancer among American women, and a leading consumer of healthcare spending in the country.

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Ascena said its latest donation of $3.7 million to BCRF is a record amount in its fall giving campaigns. Including the latest donation, Ascena’s total corporate contribution to BCRF since 2005 has risen to more than $31 million.

Support for 18 full-time cancer researchers

Ascena is BCRF’s largest corporate donor for two years running, and the company has pledged to continue supporting BCRF. The contribution from Ascena will meet the cost of 18 full-time cancer researchers in BCRF’s 2016-2017 grant period as they work on groundbreaking research programs to restore hope for breast cancer victims.

Fundraiser period

The $3.7 million donation that Ascena has turned over to BCRF was raised between September 16 and November 15. During that period, Ann Taylor and LOFT stores employed a variety of fundraising tactics that netted contributions from clients and store associates. Those fundraising methods included sale of special cards that earned shoppers discounts in in-store purchases and converting up to 60% of revenue on certain products to the charity course.

“ANN INC.’s steadfast support of the Breast Cancer Research Foundation enables and furthers our groundbreaking research,” said BCRF’s President Myra Biblowit.

Shares of Ascena declined more than 3% to close at $7.31 in the last session. The stock is down more than 25% since the beginning of 2016. The stock is further down more than 26% over the last one year. Ascena’s revenue of $1.68 billion in 3Q16 improved slightly from $1.67 billion in the comparable period last year.

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