Dress Barn Comparable store sales decline

18 Sep '08

4 min read

At maurices stores, while the start to the back to school season has been softer than anticipated, we believe that maurices is appropriately positioned given the current difficult environment."

Mr. Jaffe concluded, "Our Company continues to generate good levels of cash flow ending the fiscal year with approximately $278 million of cash and investments. As we look forward, we believe that we can effectively leverage our strong financial position to our strategic advantage, particularly as we open new locations and update our store base with targeted remodels.

While we continue to plan our business prudently and carefully manage our expenses and inventory, we believe that we have the ability to respond quickly and effectively to any improvements in market conditions and to flow incremental benefits to our bottom line."

Fiscal July 2009 Guidance:
The Company's guidance for earnings per diluted share for fiscal 2009 is in the range of $1.23 to $1.28, based on approximately 67.5 million fully diluted shares outstanding and is reflective of the Company's current business outlook.

This earnings per share estimate is based upon various assumptions, including estimated comparable store sales growth in the low single digits for the year. The Company plans to open 100 stores and close 30 stores, ending fiscal 2009 with approximately 1,575 stores in operation. Capital expenditures are estimated at $70 million.

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