Ascena Retail Group, Inc. Announces Board Authorization of an Additional $100 Million Stock Repurchase Program

Ascena Retail Group, Inc. (NASDAQ – ASNA) today announces that its Board of Directors has authorized an additional $100 million stock repurchase program.

The Company’s Board of Directors has authorized the purchase of an additional $100 million of Ascena Retail Group, Inc. Common Stock. The purchases are authorized to be made by the Company from time to time when market conditions warrant. The program authorizes the purchase of Ascena Common Stock through open market purchases and/or privately negotiated transactions and will be subject to applicable SEC rules. This program is in addition to the $100 million stock repurchase program announced on September 24, 2010 which has a remaining authorization of approximately $27 million.

Commentary

David R. Jaffe, President and Chief Executive Officer commented, “The strength of our cash reserves and this additional stock purchase authorization gives us the financial flexibility to opportunistically purchase shares of our common stock in our continued commitment to enhance shareholder value.”

About Ascena Retail Group, Inc.

Ascena Retail Group, Inc. was created as a public holding company effective January 1, 2011 pursuant to a corporate reorganization, and became the successor reporting company to The Dress Barn, Inc. The Company is a leading national specialty retailer of apparel for women and tween girls, operating through its wholly-owned subsidiaries, the dressbarn, maurices and Justice brands. The Company operates through its subsidiaries over 2,500 stores throughout the United States, Puerto Rico and Canada, with revenues of approximately $2.9 billion.

dressbarn stores offer casual, career and special occasion fashion apparel and accessories at value prices for women ages 35-55, operating 830 stores in 47 states. maurices stores offer casual and career apparel and accessories at value prices to the fashion-conscious woman, ages 17-34 with a 20-something attitude, and operate 784 stores in 44 states. Justice stores offer trend-right apparel and accessories at value prices for tween girls ages 7-14 and operate 902 stores in 46 states, Puerto Rico and Canada.

For more information, visit www.ascenaretail.com, www.dressbarn.com, www.maurices.com and www.shopjustice.com.

Forward-Looking Statements

Certain statements made within this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. The Company does not undertake to publicly update or review its forward-looking statements even if experience or future changes make it clear that our projected results expressed or implied will not be achieved. Detailed information concerning a number of factors that could cause actual results to differ materially from the information contained herein is readily available in the Company’s most recent annual report on Form 10-K/A for the year ended July 31, 2010 and the Company’s quarterly report on Form 10-Q for the quarter ended April 30, 2011.