Exhibit 10.7

AMENDMENT NUMBER ONE

TO THE

THE DRESS BARN, INC. 1995 STOCK OPTION PLAN

WHEREAS, subject to the consummation of the reorganization (the
“Reorganization”) of The Dress Barn, Inc. (“DBI”), Ascena Retail Group, Inc.
(the “Company”), as successor to DBI, maintains The Dress Barn, Inc. 1995 Stock
Option Plan (the “Plan”); and
 
WHEREAS, the Company desires to amend the Plan, effective upon the consummation
of the Reorganization, to update the Plan’s name and any references to DBI
therein, to change the Plan’s governing law to reflect the Company’s state of
incorporation, and to reflect the par value of the Company’s stock.
 
NOW, THEREFORE, the Plan is hereby amended, effective upon the consummation of
the Reorganization, as follows:
 
1.           For clarity, the term “Corporation” as used in the Plan shall mean
Ascena Retail Group, Inc., a Delaware Corporation.
 
2.           The name of the Plan is hereby amended to be the “Ascena Retail
Group, Inc. 1995 Stock Option Plan.”
 
3.           All references in the Plan to “The Dress Barn, Inc.” are hereby
replaced with “Ascena Retail Group, Inc.”
 
4.           Section 2 of the Plan is hereby amended to delete the language “par
value $.05 per share” and replace it with “par value $.01 per share.”

 
 

--------------------------------------------------------------------------------

 
 
5.           Section 16 of the Plan is hereby amended to delete the reference to
“Connecticut” and replace it with “Delaware.”
 
[Remainder of Page Intentionally Left Blank]
  

 
 

--------------------------------------------------------------------------------

 
 
IN WITNESS WHEREOF, the Company has caused this amendment to be executed this
17th day of December, 2010.
 
ASCENA RETAIL GROUP, INC.
 
By: /s/ Armand Correia
  
Title: EVP, CFO
   

 
 

--------------------------------------------------------------------------------