Ascena Retail Group (ASNA) shares crashed as much as 43% on Thursday after the company gave a grave warning to investors yesterday.  For its fiscal third quarter, Ascena said in a statement that it expects a same-store sales decline of 8%, compared to the 4.8% slip analysts surveyed at Factset were expecting. The company said for the full year, it anticipates its comparable store sales to drop 6% to 7%.

Ascena also revised its third-quarter earnings outlook down to 4 cents to 6 cents a share for the third quarter, a far cry from its earlier guidance of 7 cents to 12 cents. The company expects to generate earnings of 10 cents to 15 cents a share for the full year. The Street