Dress Barn, Inc. Reports Third Quarter Results.-- 3Q '07 Comparable Sales Increase 2 Percent -- -- 3Q '07 Earnings Increase 15 Percent -- -- maurices Introducing Female Plus-Sizes -- -- Raises Earnings Guidance for Fiscal 2007 -- -- Changes Sales Reporting Schedule -- SUFFERN, N.Y. -- 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 ) today reported sales and earnings results for its fiscal third quarter ended April 28, 2007. Fiscal Third Quarter Results 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 the fiscal third quarter ended April 28, 2007 increased 6% to $347.9 million compared to $327.2 million for the fiscal third quarter ended April 29, 2006. Comparable store sales increased 2% compared to a 7% increase for the same fiscal quarter last year. Net earnings for the fiscal third quarter ended April 28, 2007 increased 15% to $23.1 million, or $0.33 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. This compares to net earnings of $20.0 million, or $0.29 per diluted share for the comparable fiscal quarter last year. Fiscal Nine-Month Results Net sales for the fiscal nine months ended April 28, 2007 increased 9% to $1.05 billion compared to $957.0 million reported for the comparable fiscal nine-month period ended April 29, 2006. Comparable store sales increased 5% compared to a 9% increase for the same fiscal nine-month period last year. Net earnings for the fiscal nine months ended April 28, 2007 increased 24% to $67.6 million, or $0.97 per diluted share. This compares to net earnings of $54.5 million, or $0.81 per diluted share for the comparable period last year. Quarterly Commentary David R. Jaffe Jaffe is a surname, and may refer to:
Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. teams have done a tremendous job, and we are particularly pleased with the strong sales momentum shown through May." "As a strategic initiative to improve our performance even further, maurices is in the process of re-merchandising a portion of the store footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. by exiting the underperforming men's business and introducing female plus-sizes. This is a key brand builder allowing maurices to focus on a similar and related group of customers. We expect to launch plus-sizes at maurices by mid-June and are excited about the potential of the line, which, we believe, will enhance sales productivity." "Our solid balance sheet continues to strengthen and our operations are generating strong cash flows. Overall, given the recent increased sales trends, we are comfortable with our inventory levels going forward, and we remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that the improved sales trends will continue through the remainder of our fiscal fourth quarter." Raises Fiscal July, 2007 Earnings Guidance As a result of third quarter results, and the better-than-expected May sales performance announced this morning, the Company is raising its earnings per share guidance for the full fiscal year ending July 28, 2007 to the range of $1.38 to $1.40 from its previous earnings per share guidance of $1.30 to $1.35. Change In Sales Reporting Schedule Effective Fiscal Year 2008 As previously announced, beginning with the first fiscal quarter ending October 27, 2007, and consistent with practices at other retailers, the Company will begin reporting consolidated sales and comparable store sales on a quarterly basis, and will discontinue dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: reporting sales results on a monthly basis. Conference Call Information The Company will host a conference call today, May 30, 2007 at 8:30 AM Eastern Time to review its fiscal third quarter financial results followed by a question and answer session. Parties interested in participating in the conference call should dial-in five minutes prior to the conference call at (617) 786-2964; the passcode is 37652413. The conference call will also be simultaneously broadcast at www.dressbarn.com. A recording of the conference call will be available shortly after its conclusion and until June 2, 2007 by dialing (617) 801-6888; the passcode is 80967082. About Dress Barn, Inc. Dress Barn, Inc. (NASDAQ - DBRN), is a leading national specialty apparel retailer offering quality career and casual fashion apparel through its dressbarn and maurices brands. As of May 26, 2007, the Company operated 823 dressbarn stores in 46 states and 587 maurices stores in 42 states. For more information, please visit www.dressbarn.com and www.maurices.com. 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. Certain statements made within this press release may constitute "forward-looking statements", 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. The Company does not undertake to publicly update or review its forward-looking statements even if experience or future changes make it clear that our projected results expressed or implied will not be achieved. Detailed information concerning a number of factors that could cause actual results to differ materially from the information contained herein is readily available on our most recent 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 year ended July 29, 2006 and Form 10-Q Form 10-Q See 10-Q. for the quarter ended January 27, 2007. The conference call will be recorded on behalf of 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 express 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. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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