CORRECTING AND REPLACING The Dress Barn, Inc. Reports Fiscal Third Quarter Earnings Results.Business Editors CORRECTION CORRECTION,punishment. Chastisement by one having authority of a person who has committed some offence, for the purpose of bringing him to legal subjection. 2. It is chiefly exercised in a parental manner, by parents, or those who are placed in loco parentis. ...by The Dress Barn, Inc. SUFFERN, N.Y.--(BUSINESS WIRE)--May 19, 2004 In BW5562 issued May 19, 2004: In Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statements of Earnings, Thirteen Weeks Ended, second column date should read April 26, 2003 (sted January January: see month. 25, 2003). The corrected release reads: THE DRESS BARN, INC. REPORTS FISCAL THIRD QUARTER EARNINGS RESULTS The Dress Barn, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on - DBRN DBRN Data-Based Referenced Navigation DBRN Decibels above reference Noise DBRN Data Bank Release Notice ), one of the nation's leading women's specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. retailers offering quality career and casual fashion apparel at value prices, today reported earnings and sales for the third quarter ended April 24, 2004. For the thirteen-week fiscal period ended April 24, 2004, net earnings increased 107% to $5.4 million, or $0.18 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $2.6 million, or $0.09 per diluted share for the same quarterly period in the prior year. As previously reported, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for this quarterly period increased 11% to $183.3 million, compared to $165.7 million last year. Same-store sales Same-store sales is a business term which refers to the revenue generated by one of a retail chain's specific outlets during a certain period of time (often a fiscal quarter or a particular shopping season), compared to an identical period in the past, usually in the previous year. increased 7% for this quarterly period. For the nine-month fiscal period ended April 24, 2004, net earnings increased 4% to $16.7 million, or $0.56 per diluted share, compared to $16.0 million, or $0.49 per diluted share last year. Net sales for this nine-month period increased 5% to $546.9 million compared to $519.0 million during the prior year. Same-store sales increased 2% for this period. "We are pleased with our third quarter results and the increased earnings over last year", said Elliot S Elliot is a common last name, and may refer to any one of the various people bearing that name. See . It is also a first name, once rare, now becoming more common. As a first or last name, it can be spelled Elliot, Eliott, Eliot, or Elliott. . Jaffe Jaffe is a surname, and may refer to:
As of April 24, 2004, the Company operated 793 stores (186 Dress Barn, 54 Dress Barn Woman and 553 Combination Stores) in 45 states. As previously announced, the Company will host a conference call this afternoon at 3:00 p.m. Eastern Time to review its third quarter financial results. The conference call will be webcast by CCBN CCBN Central Coast Bancorp CCBN Charles County Business Network and can be accessed at The Dress Barn, Inc.'s web site at www.dressbarn DressBarn is an American retailer of womens clothing products. The first DressBarn was opened in 1962 in Stamford, Connecticut, by Roslyn Jaffe. The company began trading on NASDAQ (symbol DBRN) in 1982, and currently has over 800 stores across the United States. .com. The dial-in number is (617) 786-2963, the passcode is 66263235. A replay of the call will be available until May 28, 2004 by dialing (617) 801-6888, the passscode is 51870276. Statements and comments made in this press release and during the scheduled conference call not historical in nature are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ", within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. Such factors may be described in our filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended July July: see month. 26, 2003 and Form 10-Q Form 10-Q See 10-Q. for the fiscal quarter ended January 24, 2004. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that the projected results expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. therein will not be realized. The conference call will be recorded on behalf of The Dress Barn, Inc. and consists of copyrighted material. It may not be re-recorded, re-produced, transmitted or re-broadcast, in whole or in part, without the Company's expressed written permission. Accessing the call or the rebroadcast represents consent to these terms and conditions. Participation in the call serves as consent to having any comments or statements made appear on any transcript A generic term for any kind of copy, particularly an official or certified representation of the record of what took place in a court during a trial or other legal proceeding. A transcript of record , broadcast or rebroadcast of this call.
The Dress Barn, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings - Unaudited
Dollars in thousands except per share amounts
Thirteen Weeks Ended
------------------------------
April 24, April 26,
2004 2003
--------- ---------
Net sales $183,331 100.0% $165,692 100.0%
Cost of sales, including
occupancy and buying costs 119,080 65.0% 110,354 66.6%
--------- ---------
Gross profit 64,251 35.0% 55,338 33.4%
Selling, general and
administrative expenses 50,388 27.5% 46,973 28.3%
Depreciation expense 4,963 2.6% 5,193 3.2%
--------- ---------
Operating income 8,900 4.9% 3,172 1.9%
Interest income 553 0.2% 507 0.4%
Interest expense (1,347) -0.7% 0
Other income 381 0.2% 398 0.2%
--------- ---------
Earnings before income taxes 8,487 4.6% 4,077 2.5%
Income taxes 3,098 1.7% 1,468 0.9%
--------- ---------
Net earnings $5,389 2.9% 2,609 1.6%
========= =========
Earnings per share:
Basic: $0.18 $0.09
========= =========
Diluted: $0.18 $0.09
========= =========
Average shares outstanding
Basic: 29,522 29,125
--------- ---------
Diluted: 30,370 29,847
--------- ---------
The Dress Barn, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings - Unaudited
Dollars in thousands except per share amounts
Thirty-Nine Weeks Ended
------------------------------
April 24, April 26,
2004 2003
--------- ---------
Net sales $546,928 100.0% $518,990 100.0%
Cost of sales, including
occupancy and buying costs 350,237 64.0% 337,325 65.0%
--------- ---------
Gross profit 196,691 36.0% 181,665 35.0%
Selling, general and
administrative expenses 152,102 27.8% 142,671 27.5%
Depreciation expense 17,415 3.2% 17,225 3.3%
--------- ---------
Operating income 27,174 5.0% 21,769 4.2%
Interest income 1,767 0.3% 2,891 0.5%
Interest expense (3,918) -0.7% -
Other income 1,144 0.2% 398 0.1%
--------- ---------
Earnings before income taxes 26,167 4.8% 25,058 4.8%
Income taxes 9,498 1.8% 9,022 1.7%
--------- ---------
Net earnings $16,669 3.0% $16,036 3.1%
========= =========
Earnings per share:
Basic: $0.57 $0.50
========= =========
Diluted: $0.56 $0.49
========= =========
Average shares outstanding
Basic: 29,343 31,903
--------- ---------
Diluted: 30,031 32,656
--------- ---------
The Dress Barn, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets - Unaudited
Dollars in thousands
April 24, April 26,
ASSETS 2004 2003
--------- ---------
Current Assets:
Cash and cash equivalents $66,248 $44,720
Marketable securities and investments 127,103 52,404
Merchandise inventories 112,636 118,777
Prepaid expenses and other 6,586 3,233
---------- --------
Total Current Assets 312,573 219,134
---------- --------
Property and Equipment, net 136,557 136,549
Deferred Income Taxes 8,620 5,798
Other Assets 7,464 4,908
----------- -------
$465,214 $366,389
========== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable- trade $83,751 $64,853
Accrued salaries, wages and related expenses 20,422 18,869
Litigation accrual 35,911 3,686
Other accrued expenses 32,254 30,404
Customer credits 8,792 7,664
Income taxes payable 4,197 7,603
Current portion of long-term debt 1,019 -
----------- -------
Total Current Liabilities 186,346 133,079
----------- -------
Long-Term Debt 32,252 -
Shareholders' Equity 246,616 233,310
---------- --------
$465,214 $366,389
========== ========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion