Dress Barn reports 3% 1Q comps decline

SUFFERN, N.Y. Dress Barn Tuesday reported that total net sales for the first quarter of fiscal year 2008 were $363.7 million, an increase of 1.5% over $358.4 million for the same quarter a year ago. According to the company, the increase in net sales resulted from the opening of new stores, partially offset by a same-store sales decline of 3%.

Net earnings for the first fiscal quarter decreased to $19.6 million from $27.4 million for the same period of the prior year. Diluted earnings per share for the first quarter were 30 cents versus 40 cents per share in the same period of fiscal 2007.