Home / Knowledge / News / Apparel/Garments / Net sales for dressbarn up 9% to $242.5 mn
Net sales for dressbarn up 9% to $242.5 mn
07
May '10
Dress Barn, Inc. reported that as a result of stronger than expectedthird quarter sales results and a higher gross margin rate, it is pre-announcing estimated quarterly earnings per share as well as raising its fiscal 2010 earnings per share guidance.

Commentary
David R. Jaffe, President and Chief Executive Officer commented, "Our comparable store sales increase for the quarter significantly exceeded our expectations. We are particularly pleased that these results were achieved across all brands. Our focus on providing exceptional value and fashion to our customers helped to drive this performance. We are excited to see these trends in our business, and believe we are well positioned for continued success."

Fiscal Third Quarter Sales Results
Net sales for the fiscal third quarter ended April 24, 2010 increased 77% to $666.0 million compared to $375.7 million for the fiscal third quarter ended April 25, 2009. The overall increase was primarily due to the inclusion of Justice sales, which accounted for $245.6 million of the total increase of $290.3 million. Consolidated comparable sales for Dress Barn, Inc. for the quarter increased 14%.

By division, net sales for dressbarn increased 9% to $242.5 million, compared to $223.2 million last year. Comparable store sales increased 9%. Net sales for maurices increased 17% to $177.9 million, compared to $152.5 million last year. Comparable store sales increased 8%. Net sales during this quarterly period for Justice were $245.6 million with comparable store sales increasing 23%.

Fiscal Nine Month Sales Results
Net sales for the fiscal nine month period ended April 24, 2010 increased 52% to $1.66 billion compared to $1.10 billion for last year's comparable nine month period ended April 25, 2009. The increase was primarily due to the inclusion of Justice sales, which accounted for $466.7 million of the total increase of $568.9 million, since the merger date of November 25, 2009 to the close of the fiscal third quarter. Comparable store sales for Dress Barn, Inc. for this period increased 10%.

By division, net sales for dressbarn increased 7% to $699.7 million for this nine month period of fiscal 2010, with comparable store sales increasing 6%. Net sales during this period for maurices increased 12% to $497.7 million with comparable store sales increasing 6%. Net sales for Justice were $466.7 million since the merger date of November 25, 2009, with comparable store sales increasing 21% during this period.

Pre-Announces Third Quarter Fiscal 2010 Earnings Per Share
Given the Company's better than expected quarterly sales results, the Company is pre-announcing estimated fiscal third quarter earnings per share in the range of $0.58 to $0.60, an increase of 53% to 58% over the third quarter fiscal 2009 earnings per share of $0.38.

Raises Fiscal July 2010 Earnings Guidance
For the fifty-three week period ending July 31, 2010, the Company is raising its earnings per share guidance from a previous range of $1.55 to $1.60 to a range of $1.80 to $1.85. This compares to fiscal 2009 earnings per share of $1.03. This guidance is based upon various assumptions, including a mid-single digit increase in comparable store sales for its fiscal fourth quarter.

Dress Barn Inc


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