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Justice remains dominant player in tween girls fashion
27 May '10
5 min read
Fiscal Nine Month 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 Company noted that $466.3 million of the total increase over the nine month period of $568.9 million was due to the inclusion of Justice sales since the closing of the transaction on November 25, 2009. Comparable store sales for Dress Barn, Inc. for the nine months ended April 24, 2010 increased 10%.
For the nine month period, by division: net sales for dressbarn increased 7% to $699.7 million with comparable store sales increasing 6%. Net sales for maurices increased 12% to $497.7 million with comparable store sales increasing 6%. Net sales for Justice were $466.3 million since the merger date of November 25, 2009, with comparable store sales increasing 21% during this period.
SG&A expenses for the fiscal nine months were $480.3 million, or 28.9% of sales, compared to $308.7 million, or 28.2% of sales in the prior year's nine month period. SG&A expenses on a non-GAAP basis were $469.5 million, or 28.2% of sales, compared to $309.7 million, or 28.3% of sales in the prior year's nine month period. The improvement of 10 basis points as a percent of sales was primarily due to leverage from the increased comparable store sales.
Operating income for the fiscal nine months was $157.6 million, or 9.5% of sales, compared to $70.2 million, or 6.4% of sales in the prior year's fiscal nine month period. On a non-GAAP basis, operating income increased to $168.5 million, or 10.1% of sales, compared to $69.2 million, or 6.3% of sales in the prior year's nine month period. This increase is primarily due to improved gross profit and leverage from increased comparable store sales.
Commentary
David R. Jaffe, President and Chief Executive Officer commented, "Our fiscal third quarter performance marks a record level of sales and earnings. We continue to have strong assortments in each of our three brands and see a continuation of the fashion and value trends in the marketplace that are driving our results. We have improved our profitability, effectively managed our inventory and expenses, and strengthened our balance sheet."
Mr. Jaffe continued, "dressbarn is becoming increasingly relevant and is attracting a wider range of women seeking fashion and value. maurices is demonstrating a superior merchandise assortment in smaller, underserved markets. Justice remains a dominant player in tween girls fashion while continuing to increase its market share. We're excited to have such an effective range of businesses and opportunities to drive additional value to our shareholders."
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 Company noted that $466.3 million of the total increase over the nine month period of $568.9 million was due to the inclusion of Justice sales since the closing of the transaction on November 25, 2009. Comparable store sales for Dress Barn, Inc. for the nine months ended April 24, 2010 increased 10%.
For the nine month period, by division: net sales for dressbarn increased 7% to $699.7 million with comparable store sales increasing 6%. Net sales for maurices increased 12% to $497.7 million with comparable store sales increasing 6%. Net sales for Justice were $466.3 million since the merger date of November 25, 2009, with comparable store sales increasing 21% during this period.
SG&A expenses for the fiscal nine months were $480.3 million, or 28.9% of sales, compared to $308.7 million, or 28.2% of sales in the prior year's nine month period. SG&A expenses on a non-GAAP basis were $469.5 million, or 28.2% of sales, compared to $309.7 million, or 28.3% of sales in the prior year's nine month period. The improvement of 10 basis points as a percent of sales was primarily due to leverage from the increased comparable store sales.
Operating income for the fiscal nine months was $157.6 million, or 9.5% of sales, compared to $70.2 million, or 6.4% of sales in the prior year's fiscal nine month period. On a non-GAAP basis, operating income increased to $168.5 million, or 10.1% of sales, compared to $69.2 million, or 6.3% of sales in the prior year's nine month period. This increase is primarily due to improved gross profit and leverage from increased comparable store sales.
Commentary
David R. Jaffe, President and Chief Executive Officer commented, "Our fiscal third quarter performance marks a record level of sales and earnings. We continue to have strong assortments in each of our three brands and see a continuation of the fashion and value trends in the marketplace that are driving our results. We have improved our profitability, effectively managed our inventory and expenses, and strengthened our balance sheet."
Mr. Jaffe continued, "dressbarn is becoming increasingly relevant and is attracting a wider range of women seeking fashion and value. maurices is demonstrating a superior merchandise assortment in smaller, underserved markets. Justice remains a dominant player in tween girls fashion while continuing to increase its market share. We're excited to have such an effective range of businesses and opportunities to drive additional value to our shareholders."
Dress Barn Inc
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