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Dress Barn declares record Q4 & fiscal 2006 results

27
Sep '06

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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