Net sales for maurices perk up 16.5% to $135.5

28 Nov '07

3 min read

Dress Barn Inc reported sales and earnings results for the first fiscal quarter ended October 27, 2007.

First Quarter Results:
Total net sales for the first quarter of fiscal year 2008 were $363.7 million, an increase of 1.5% over $358.4 million for the same quarter a year ago. The increase in net sales resulted from the opening of new stores, partially offset by a same store sales decline of 3%.

Net sales for dressbarn decreased 6% to $228.2 million, compared to $242.1 million in the year ago quarter ended October 28, 2006. dressbarn same store sales decreased 8%. Net sales for maurices increased 16.5% to $135.5 million, compared to $116.3 million during the year ago quarter. maurices same store sales increased 8%.

Net earnings for the first fiscal quarter ended October 27, 2007 decreased to $19.6 million from $27.4 million for the same period of the prior year. Diluted earnings per share for the first quarter were $0.30 versus $0.40 per share in the same period of fiscal 2007.

Commentary:
David R. Jaffe, President and Chief Executive Officer stated, "We have continued to manage our business cautiously and have focused on controlling costs and monitoring inventory levels closely. While we are particularly pleased with the strong sales performance of our maurices stores throughout the quarter, our dressbarn stores have been affected both by more cautious spending from consumers and by one of the warmest fall seasons on record.

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