Dress Barn 4Q sales up 11%

SUFFERN, N.Y. Dress Barn today reported net sales for the fiscal fourth quarter ended July 28 increased 11% to a record level of $379.9 million compared to last year's $343.3 million for the fiscal fourth quarter ended July 29, 2006. Comparable-store sales increased 5% on top of a 7% increase for the same fiscal quarter last year.

Net earnings for the fiscal fourth quarter increased to a record level of $33.6 million, or 48 cents per diluted share, the company reported. This compares to net earnings of $24.4 million, or 35 cents per diluted share, for the comparable period of fiscal 2006.

Net sales for the fiscal year ended July 28 increased 10% to $1.43 billion compared to $1.3 billion reported for the fiscal year ended July 29, 2006. Comparable-store sales increased 5% in fiscal 2007 on top of an 8% increase in fiscal 2006.

Net earnings for the fiscal 2007 increased to $101.2 million, or $1.45 per diluted share. This compares to net earnings of $79 million, or $1.15 per diluted share, for the comparable period last year.

The company's guidance for earnings per diluted share for fiscal 2008 is in the range of $1.40 to $1.50, based on 67.5 million fully diluted shares outstanding and is reflective of the company's current business outlook. This estimate is based upon various assumptions, including estimated comparable store sales growth in the 3% to 4% range for the year. The company plans to open 105 stores and close approximately 30 stores, ending fiscal 2008 with 1,505 stores in operation. Capital expenditures are estimated to be in the range of $70 million to $75 million.