Iconic clothing retailer Dress Barn's net sales up

29 May '08

3 min read

Dress Barn Inc reported sales and earnings results for the fiscal third quarter ended April 26, 2008. Fiscal Third Quarter Results

Net sales for the third quarter of fiscal year 2008 were $352.6 million, an increase of 1% over $347.9 million for the same quarter a year ago. Sales growth for new stores was partially offset by a comparable store sales decline of 3%.

Net sales for dressbarn stores decreased 5%, including a 6% decline in comparable store sales, to $216.8 million; compared to $228.6 million in the year ago quarter ended April 28, 2007. Net sales for maurices stores increased 14%, including a comparable store sales increase of 4%, to $135.8 million, compared to $119.3 million during the year ago quarter.

Net earnings for the fiscal third quarter ended April 26, 2008 increased to $24.9 million, or $0.39 per diluted share. This compares to $23.1 million, or $0.33 per diluted share in the year ago period.

This year's quarterly earnings per diluted share were favorably impacted by approximately $0.05 primarily due to a decrease in the number of diluted shares from the share conversion feature of the Company's 2.50% Convertible Senior Notes due 2024, and the repurchase of approximately 2.6 million shares in the open market during calendar year 2007. In addition, earnings were also favorably impacted by a reduction to the effective tax rate for certain one-time items.

Fiscal Nine Months Results:
Total net sales for the first nine months of fiscal year 2008 were $1.062 billion, an increase of 1% over $1.047 billion for the fiscal nine-month period a year ago. Comparable store sales decreased 3%.

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