Dress Barn, Inc. Reports Record Second Quarter Sales And Earnings; 2Q '06 Sales Increase 55%; 2Q '06 Diluted Earnings Per Share $0.42 Versus $0.05 Last Year
SUFFERN, N.Y.--(Business Wire)--March 7, 2006--
Headings for third column of Condensed Consolidated
Statements of Earnings - Unaudited (Thirteen Weeks Ended and
Twenty-Six Weeks Ended) should read: January 29, 2005 (sted January
29, 2006)
Dress Barn, Inc. (NASDAQ - DBRN), a leading national specialty
apparel retailer offering quality career and casual fashion apparel
through its dressbarn and maurices brands, today reported record
second fiscal quarter sales and earnings results.
Net earnings for the 13-week period ended January 28, 2006
increased to a record $14.1 million, or $0.42 per diluted share,
compared to $1.6 million, or $0.05 per diluted share in the same
quarter last year. This year's quarterly earnings per share were
reduced by approximately $0.05 due to the share conversion feature of
the Company's 2.5% Convertible Notes and the effect of expensing stock
options. Last year's quarterly earnings were negatively impacted by
approximately $2.1 million, or $0.07 per diluted share as a result of
the acquisition and integration costs related to the maurices
acquisition, which was completed January 2, 2005. Excluding the effect
of these items, this year's second quarter earnings per share would
have been $0.47 per diluted share versus $0.12 per diluted share, in
the same period last year, which included only one month of maurices'
results.
Net sales for the 13-week period ended January 28, 2006, increased
55% to $310.9 million compared to $200.1 million in the second quarter
of the prior year. The quarterly increase was driven by the inclusion
of a full quarter's contribution from maurices, compared to one month
in the prior year's quarter, as well as better than expected sales
results for both dressbarn and maurices. Comparable store sales
increased 10% for this second fiscal quarter for both brands.
For the fiscal six months ended January 28, 2006, net earnings
increased to $34.5 million, or $1.05 per diluted share. This compares
to $8.8 million, or $0.29 per diluted share for the comparable period
last year.
Net sales for the fiscal six months ended January 28, 2006
increased 59% to $629.8 million compared to $397.3 million reported
for the comparable fiscal six-month period ended January 29, 2005.
This year's sales results include maurices for a full six-month
period, compared to one month in the prior year's results. Comparable
store sales increased 9% for this period with dressbarn increasing 9%
and maurices increasing 10%.
