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Iconic clothing retailer Dress Barn's net sales up
29 May '08
3 min read
Net sales for dressbarn stores decreased 5% to $649.0 million, compared to $683.8 million in the year ago period. dressbarn comparable store sales decreased 7%. Net sales for maurices increased 14% to $412.9 million, compared to $362.9 million during the year ago period. maurices comparable store sales increased 4%.
Net earnings for the first nine months of fiscal year 2008 decreased to $52.0 million from $67.6 million for the same period of the prior year. Earnings per diluted share for the nine month period were $0.81 versus $0.97 per share in the same period of fiscal 2007.
Commentary:
David R. Jaffe, President and Chief Executive Officer stated, "We were pleased to have navigated a difficult retail environment during the third quarter. While the sales results from our dressbarn stores reflect the continued slowdown in consumer spending, we controlled our inventory and saw strong merchandise margins.
In addition, we were able to carefully control our expenses, which underlines the flexibility of our operations. Perhaps most importantly, maurices continued to outperform our expectations and experienced significant operating income growth during the quarter."
"While the quarter exceeded our earnings expectations, we remain concerned about a potential further deterioration of the tough retail environment and currently expect an increase in the promotional competitive landscape. We will continue to manage our business conservatively and prudently during these uncertain times. We believe our strong balance sheet gives us the financial flexibility for growth and success when the economy improves."
Fiscal July 2008 Reaffirms Guidance:
The Company reaffirms its previously announced guidance for fiscal 2008 with earnings per diluted share in the range of $1.05 to $1.10. This estimate is based upon various assumptions, including a mid-single digit decrease in comparable store sales for the remainder of the year.
Net earnings for the first nine months of fiscal year 2008 decreased to $52.0 million from $67.6 million for the same period of the prior year. Earnings per diluted share for the nine month period were $0.81 versus $0.97 per share in the same period of fiscal 2007.
Commentary:
David R. Jaffe, President and Chief Executive Officer stated, "We were pleased to have navigated a difficult retail environment during the third quarter. While the sales results from our dressbarn stores reflect the continued slowdown in consumer spending, we controlled our inventory and saw strong merchandise margins.
In addition, we were able to carefully control our expenses, which underlines the flexibility of our operations. Perhaps most importantly, maurices continued to outperform our expectations and experienced significant operating income growth during the quarter."
"While the quarter exceeded our earnings expectations, we remain concerned about a potential further deterioration of the tough retail environment and currently expect an increase in the promotional competitive landscape. We will continue to manage our business conservatively and prudently during these uncertain times. We believe our strong balance sheet gives us the financial flexibility for growth and success when the economy improves."
Fiscal July 2008 Reaffirms Guidance:
The Company reaffirms its previously announced guidance for fiscal 2008 with earnings per diluted share in the range of $1.05 to $1.10. This estimate is based upon various assumptions, including a mid-single digit decrease in comparable store sales for the remainder of the year.
Dress Barn Inc
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