Home / Knowledge / News / Apparel/Garments / Justice remains dominant player in tween girls fashion
Justice remains dominant player in tween girls fashion
27
May '10
Dress Barn, Inc reported sales and earnings results for its fiscal third quarter ended April 24, 2010.

Fiscal Third Quarter Results
Net earnings for the fiscal third quarter increased to $48.0 million, or $0.59 per diluted share, compared to recast GAAP net earnings of $23.1 million, or $0.37 per diluted share for the third quarter of fiscal 2009. The Company noted that results for the third quarter of fiscal 2009 have been recast to include non-cash, imputed interest from the adoption of ASC 470-20 as further described below.

Net earnings on a non-GAAP basis increased to $49.0 million, or $0.60 per diluted share, compared to net earnings for the third quarter of 2009 of $23.4 million, or $0.38 per share. During the quarter, the Company incurred a total of $1.6 million of pretax charges for certain items that management believes are not indicative of ongoing operations. These charges include merger-related costs and charges related to a deferred compensation plan. The Company believes it is valuable for users of the Company's financial statements to be made aware of the non-GAAP financial information as such measures are used by management to evaluate the operating performance of the Company on a comparable basis. Accordingly, a GAAP to non-GAAP reconciliation of results is provided later in this release.

Net sales for the fiscal third quarter ended April 24, 2010 increased 77% to $665.5 million compared to $375.7 million for the fiscal third quarter ended April 25, 2009. The strong sales increase was primarily due to the inclusion of Justice sales, which accounted for $245.1 million of the total increase of $289.8 million. Consolidated comparable store 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, with a comparable store sales increase of 9%. Net sales for maurices increased 17% to $177.9 million, compared to $152.5 million last year, with a comparable store sales increase of 8%. Net sales during this quarterly period for Justice were $245.1 million, with comparable store sales increasing 23%.

SG&A expenses for the fiscal third quarter were $194.9 million, or 29.3% of sales, compared to $103.1 million, or 27.4% of sales in the prior year's comparable period. SG&A expenses on a non-GAAP basis were $193.3 million, or 29.0% of sales, compared to $102.6 million, or 27.3% of sales in the prior year's comparable period. The increase of 170 basis points as a percent of sales was primarily due to the inclusion of Justice, which had a slightly higher SG&A rate and increased incentive compensation costs due to significantly better-than-planned earnings results.

Operating income for the fiscal third quarter was $76.7 million, or 11.5% of sales compared to $40.3 million, or 10.7% of sales in the prior year third quarter. On a non-GAAP basis operating income increased to $78.3 million, or 11.8% of sales compared to $40.8 million, or 10.9% of sales in the prior year third quarter. This increase is primarily due to improved gross profit and leverage from increased comparable store sales.

Must ReadView All

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search