Printer Friendly

THE DRESS BARN, INC. REPORTS EARNINGS INCREASED 94 PERCENT FOR SECOND QUARTER

 STAMFORD, Conn., Feb. 22 /PRNewswire/ -- The Dress Barn, Inc. (NASDAQ: DBRN), today announced that its earnings increased 94 percent for its second fiscal quarter ended Jan. 23, 1993.
 Net sales for the second quarter ended Jan. 23, 1993 increased 18 percent to $98.6 million from $83.2 million during the prior year's comparable period. For the same period, the company's same-store sales increased 6 percent.
 Second quarter net income increased 94 percent to $3.3 million or $0.15 per share compared to $1.7 million or $0.08 per share for the prior year's comparable period.
 Net sales for the six months ended Jan. 23, 1993 increased 19 percent to $203.5 million from $171.0 million during the prior year's comparable period. For the same six-month period, the company's same- store sales increased 7 percent.
 Net income for the six-month period increased 57 percent to $8.9 million or $0.40 per share compared with $5.7 million or $0.26 per share for the prior year's comparable period.
 Elliot S. Jaffe, the company's chairman of the board and chief executive officer, commented, "The strong earnings performance, leveraged off increased same-store sales, was shared by both our Dress Barn and Dress Barn Woman divisions. This has been accompanied by improved merchandise margins, as well as continued decreases in the selling, general and administrative expense ratio. This performance reinforces our commitment to an aggressive new store opening program.
 "With the recently announced acquisition of 25 stores, plans are in place to open 65 this Spring, with another 60 for the Fall of the year, which would increase the total number of stores to over 700. The company's financial position has never been stronger. We have no long or short term debt with cash and marketable securities of $52 million or $2.37 per outstanding share. This enables us to take advantage of additional acquisition opportunities as they occur, as well as financing our expansion plan and providing for all other working capital requirements. In addition, our shareholders' equity increased to an all-time high of $130 million."
 At Jan. 23, 1993, the company operated 595 stores, a net addition of 58, or an 11 percent increase from the 537 in operation last year.
 The Dress Barn, Inc., operates a chain of women's off-price apparel stores, offering in-season, moderate to better quality fashion apparel, primarily with nationally recognized brand names, at substantial discounts from department store prices.
 THE DRESS BARN, INC.
 Results (Unaudited)
 Thirteen weeks ended 1/23/93 1/25/92
 Net sales $98,583,000 $83,182,000
 Income before taxes 5,178,000 2,633,000
 Net income $ 3,314,000 $ 1,706,000
 Per share earnings $0.15 $0.08
 Average shares outstanding 21,961,578 21,798,629
 Number of stores at end of period 595 537
 Twenty-six weeks ended 1/23/93 1/25/92
 Net sales $203,531,000 $170,987,000
 Income before taxes 13,844,000 8,716,000
 Net income $ 8,860,000 $ 5,650,000
 Per share earnings $0.40 $0.26
 Average shares outstanding 21,925,647 21,785,189
 -0- 2/22/93
 /CONTACT: Armand Correia, senior vice president and chief financial officer of Dress Barn, 203-327-4242/
 (DBRN)


CO: The Dress Barn, Inc. ST: Connecticut IN: REA SU: ERN

GK-OS -- NY031 -- 8880 02/22/93 10:33 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 22, 1993
Words:561
Previous Article:DATA SWITCH WINS $5.3 MILLION ORDER FROM WORLDSPAN
Next Article:DEL LABORATORIES REPORTS FOURTH QUARTER AND YEAR-END RESULTS FOR 1992
Topics:


Related Articles
DRESS BARN REPORTS THIRD QUARTER RESULTS
THE DRESS BARN, INC. REPORTS AUDITED FISCAL YEAR FINANCIAL RESULTS
THE DRESS BARN, INC. REPORTS FISCAL YEAR ANTICIPATED EARNINGS
THE DRESS BARN, INC. REPORTS MONTHLY AND QUARTERLY SALES RESULTS
THE DRESS BARN, INC., REPORTS EARNINGS UP 40 PERCENT FOR FIRST QUARTER
DRESS BARN REPORTS MONTHLY AND QUARTERLY SALES RESULTS
THE DRESS BARN, INC. REPORTS 18 PERCENT EARNINGS INCREASE FOR ITS FISCAL YEAR ENDED JULY 31, 1993
THE DRESS BARN, INC. REPORTS EARNINGS INCREASED 23% FOR THIRD QUARTER
THE DRESS BARN, INC. REPORTS 13% EARNINGS INCREASE FOR ITS FISCAL YEAR ENDED JULY 29, 1995
THE DRESS BARN, INC. REPORTS SECOND QUARTER SALES AND EARNINGS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters