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Apparel retailer Deb Shops declares Q1 results

18
May '06

Deb Shops Inc, a leading teen apparel retailer, reported financial results for the first quarter ended April 30, 2006.

For the first quarter of fiscal 2007, net sales increased 5.1 percent to $81.5 million compared to $77.5 million in the first quarter a year ago. Gross profit, which is net of buying and occupancy costs, was $22.9 million resulting in a gross margin of 28.1 percent for the period.

This compares to gross profit of $21.8 million and a 28.1 percent gross margin in the first quarter of fiscal 2006. First quarter net income was $2.7 million compared to $2.8 million in the year ago period, while diluted earnings per share was $0.19 compared to $0.20 in last year's first quarter.

As of April 30, 2006, the Company had $118.9 million in cash and marketable securities, shareholders' equity of $132.7 million, and no debt.

Marvin Rounick, President and CEO of Deb Shops, stated, "During the first quarter, we were able to perform on-plan and report results that were in-line with our internal projections. The opening of new stores and the continued expansion of our plus-size business drove sales. We opened six new stores in the first quarter and we remain on track for net store growth of between 15 to 20 locations in fiscal 2007 compared to an average annual net store growth of seven locations over the past five years. As we approach the upcoming summer and back-to-school selling seasons, we are confident in our product assortments and merchandising strategy."

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