THE DRESS BARN REPORTS SECOND QUARTER RESULTS
THE DRESS BARN REPORTS SECOND QUARTER RESULTS STAMFORD, Conn., Feb. 28 /PRNewswire/ -- The Dress Barn, Inc.
(NASDAQ-NMS: DBRN) announced today that net earnings for the 13-week reporting period ended Jan. 25, 1992, were $1,706,000, or 8 cents per share, a decrease of 9 percent from the $1,877,000, or 9 cents per share, earned in the prior year's comparable period. Sales in the 13-week reporting period were $83,182,000 compared with $76,814,000 last year, an increase of 8 percent.
For the 26-week period ended Jan. 25, 1992, net income was $5,650,000, or 26 cents per share, a decrease of 5 percent from the $5,959,000, or 27 cents during the prior year's comparable period. Sales in the 26-week period were $170,987,000 vs. $155,508,000, an increase of 10 percent. Commenting on the results, Elliot S. Jaffe, chairman and chief executive officer, said, "Overall, our results were disappointing, and reflected the highly promotional retail environment during the holiday season. As we begin the spring season, our inventories have never been more current, allowing us to take advantage of market opportunities as they occur. "We are encouraged by the early strong sales trends of spring suits and dresses, both key to a successful season. In addition, we remain pleased with the continued success of our large size division, Dress Barn Woman, which posted another quarter of double-digit comparable store sales increases. Our company continues to place great attention on execution and maximizing productivity in all areas with continued strong emphasis on expense savings and cost control. "During this spring season, we continue our aggressive store expansion program with plans to open some 50 new Dress Barn and Dress Barn Woman stores." At Jan. 25, 1992, the company has 537 stores in operation, a net addition of 35 from a year earlier. With scheduled openings for the spring, the company plans to have 580 stores by fiscal year end. The Dress Barn, Inc. operates a chain of off-price women's 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. (Unaudited) 26 weeks ended 1/25/92 1/26/91 Sales $170,987,000 $155,508,000 Net income 5,650,000 5,959,000 Per share earnings $.26 $.27 13 weeks ended 1/25/92 1/26/91 Sales $83,182,000 $76,814,000 Net income 1,706,000 1,877,000 Per share earnings $.08 $.09 -0- 2/28/92 /CONTACT: Armand Correia, senior vice president and CEO of Dress Barn, 203-327-4242/ (DBRN) CO: Dress Barn Inc. ST: Connecticut IN: REA SU: ERN
CK-SH -- NY036 -- 3738 02/28/92 13:04 EST
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|Date:||Feb 28, 1992|
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