DRESS BARN REPORTS THIRD QUARTER RESULTS
DRESS BARN REPORTS THIRD QUARTER RESULTS STAMFORD, Conn., May 20 /PRNewswire/ -- The Dress Barn, Inc.
(NASDAQ-NMS: DBRN), today announced that net sales for the third quarter ended April 25, 1992, increased 11 percent to $90,974,000 from $82,255,000 last year.
Net income was $4,763,000 or $.22 per share, an increase of 11 percent over the $4,276,000 or $.20 per share earned in the prior year's comparable period. Sales for the nine months ended April 25, 1992, were $261,961,000 versus $237,763,000, an increase of 10 percent. Net income was $10,413,000, or $.48 per share, an increase of 2 percent from the $10,236,000, or $.47 per share, last year. Elliot S. Jaffe, chairman of the board and chief executive officer of the Dress Barn, Inc., commented, "The third quarter results were impacted by the unseasonably cool spring weather in the Northeast along with a sluggish economy. We were pleased, however, by the strong sales performance achieved in those areas of the country where weather was more seasonal, giving us confidence in our merchandise mix. In addition, we continue to place great emphasis on tight expense controls and improved productivity, and are pleased with their progress. Selling, general and administrative expense, as a percent to sales, was reduced by .4 percent during the quarter versus last year. "Our Dress Barn Woman division continues its strong and impressive sales performance, posting another double digit comparable store sales increase. To capitalize on its success, we recently expanded its distribution center which will allow for more rapid expansion of this division. During the quarter, 12 units were opened, increasing the number in operation to 71 with another nine planned for May. We plan to have 100 Dress Barn Woman stores in operation by calendar year end. "We are also pleased to announce Dress Barn's entry into the New York City market with the opening of our flagship store in midtown Manhattan. This, together with previous openings in downtown Washington, D.C., Pittsburgh, Philadelphia, Detroit, Indianapolis, and an upcoming opening in Chicago, opens new major metropolitan markets for our company. "During the quarter we achieved new highs in total assets, $168,438,000, and shareholders' equity, $114,302,000. This, along with a debt free balance sheet and a cash position of $45 million, or $2.07 per outstanding share, will enable us to continue to aggressively expand our new store opening program with the use of internally generated funds, as well as to explore new business opportunities. We remain confident in our business and are well positioned financially to weather any continued weakness in the economy." At April 25, 1992, the company operated 560 stores, a net addition of 44 from the 516 in operation last year. With scheduled openings in place for the fourth quarter, the company plans to have 580 stores by fiscal year end, July 1992. 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) 39 weeks ended 4/25/92 4/27/91 Sales $261,961,000 $237,763,000 Net income $ 10,413,000 $ 10,236,000 Per share earnings $.48 $.47 13 weeks ended 4/25/92 4/27/91 Sales $ 90,974,000 $ 82,255,000 Net income $ 4,763,000 $ 4,276,000 Per share earnings $.22 $.20 -0- 5/20/92 /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 -- NY036 -- 2282 05/20/92 11:05 EDT
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|Date:||May 20, 1992|
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