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May 17 (Reuters) - Ascena Retail Group Inc
* Ascena Retail Group provides fiscal Q3 and full year 2017 guidance update; identifies significant upside to “change for growth” cost savings target; announces expected non-cash goodwill and intangible asset impairment
* Ascena Retail Group Inc sees Q3 FY17 comparable sales down 8%
* Ascena Retail Group Inc sees Q3 FY17 non-GAAP EPS $0.04 - $0.06
* Ascena Retail Group Inc sees full year 2017 non-GAAP EPS $0.10 - $0.15
* Ascena Retail Group Inc sees full year comparable sales down 7% - down 6%
* Q3 earnings per share view $0.09 -- Thomson Reuters I/B/E/S
* Says "have adjusted our second-half outlook to reflect this environment and limited near term visibility"
* Ascena Retail Group Inc - co's initiatives are now expected to deliver $250 to $300 million in cost savings as compared to our prior $150 million target
* Says "no longer believe it appropriate to expect a stabilization of traffic"
* Ascena Retail Group Inc - expects to record a material non-cash impairment charge of its goodwill and intangible assets during Q3
* Says "believe operating conditions in our sector are likely to remain challenging for next 12 to 24 months"
* Says now expected to deliver $250 to $300 million in cost savings as compared to our prior $150 million target Source text for Eikon: Further company coverage: