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 25th May 2017

Huntsman and Clariant to have merger of equals

Huntsman Corporation and Clariant have announced that their boards of ...

Apparel/Garments | On 25th May 2017

AAFA reinforces opposition to Border Adjustment Tax

The American Apparel & Footwear Association (AAFA) has reinforced its ...

Courtesy: CBRE

Apparel/Garments | On 25th May 2017

European cities preferred for retailer expansion: CBRE

European cities were the preferred new destination for international...

Interviews View All

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kevin Nelson
TissueGen

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

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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

news category


Related Categories:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search