Dress Barn declares record Q4 & fiscal 2006 results

27 Sep '06
2 min read

Dress Barn Inc reported sales and earnings results for the fourth quarter and fiscal year ended July 29, 2006.

Fourth Quarter Results
Net sales for the thirteen-week period ended July 29, 2006 increased 12 percent to a record level of $343.3 million compared to last year's $307.1 million.

Comparable store sales for the fiscal fourth quarter increased 7 percent, driven by a 12 percent increase for the Company's dressbarn stores, and offset by a 3 percent decrease for the Company's maurices stores.

Net earnings for the fiscal fourth quarter ended July 29, 2006 were $24.4 million, or $0.35 per diluted share. While this is less than the prior year's reported $33.6 million, or $0.54 per diluted share, the year-ago quarter's results include the favorable pre-tax impact of $37.7 million, or $0.32 per diluted share, primarily related to a litigation reserve reversal.

Excluding this impact, last year's earnings per diluted share would have been $0.22; this year's earnings per diluted share of $0.35 represents a 59 percent increase versus last year.

2006 Fiscal Year Results
Net sales for the fiscal year ended July 29, 2006 increased to a record level of $1.3 billion, a 30 percent increase over the previous fiscal year's level of approximately $1.0 billion.

Comparable store sales increased 8 percent for this period, driven primarily by a 10 percent increase for dressbarn, while maurices increased 5 percent.

The current full year financial results were also driven by the inclusion of a full year sales contribution from maurices compared to seven months in the prior year.

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