The company that owns Ann Taylor and Dress Barn has fallen sorely out of fashion on Wall Street.

Shares of Ascena Retail Group, which also owns the plus-size Lane Bryant chain, plummeted more than 23 percent to $2.01 after the company reported dismal quarterly sales as it blamed “fashion missteps.”

“Performance at Loft and Ann Taylor was very disappointing for the company and for me personally,” said Gary Muto, chief executive of Ascena Brands, told analysts on an earnings call. “We can’t slip on fashion execution the way we clearly did.”

The malaise is bleeding into the crucial holiday season, Mahwah, NJ-based Ascena said, with total comparable sales for the nine days through Cyber Monday down 1 percent, the company said.

Adding insult to injury, the latest fashion flops happened on the watch of a new, in-house design team that recently replaced third-party vendors, sources said.

“A lot of what was the fashion misses were from the team that was already in place,” Muto admitted on Tuesday’s call. “So we own that.”

Comp sales at Lane Bryant were down 5 percent in the quarter, and comp sales were 2 percent lower at its tween chain, Justice.

“We were unable to capitalize on the improving macro traffic environment due to fashion missteps,” said David Jaffe, chief executive of Ascena.

Overall, comparable sales fell 5 percent for the quarter ended Oct. 28, with sales at Dress Barn sinking 10 percent and sales at Ann Taylor and Loft declining 6 percent each.

Total revenue declined 5.5 percent to $1.59 billion, which matched estimates while earnings shrunk to cents a share in the quarter from 18 cents a share a year ago.

Ascena’s shares are down 58 percent this year.