maurices stores continue to perform well at Dress Barn
02 Nov '07
2 min read
Dress Barn Inc advised that in view of a comparable store sales decline in the low single digits for the first fiscal quarter ended October 27, 2007, the Company now estimates earnings per diluted share in the range of $0.30 to $0.32, compared to $0.40 last year. The Company plans to announce its first fiscal quarter sales and earnings results on November 27, 2007.
Based on the current sales trend, the Company has revised its estimated fiscal 2008 diluted earnings per share in the range of $1.25 to $1.35. The Company's previously announced guidance for full-year earnings was $1.40 to $1.50 per diluted share. This revised earnings guidance is based upon various assumptions, including estimated comparable store sales increases in the low single digits for the remainder of the year.
David R. Jaffe, President and Chief Executive Officer of Dress Barn, Inc. commented, "While maurices stores continue to perform well, with comparable store sales increasing in the high single digit range, our dressbarn stores' sales have particularly been hampered by the unseasonably warm weather during September and October."
"Our focus remains on controlling costs and balancing our dressbarn stores' inventory. The weaker than anticipated comparable store sales and our need to bring our dressbarn stores' inventories into line are expected to negatively impact both our first and second quarters' earnings. We remain optimistic for an improved business performance during the second half of our fiscal year."