Teen apparel chain Deb Shops Inc on Thursday posted a sharp plunge in first quarter net profit to $300,000 from $3.3 million in the year-ago period. The Philadelphia-based operator of 331 stores said in a statement net sales fell nine per cent to $70.2m from $77m last year. The retailer continues to expect fiscal 2004 sales to be flat versus fiscal 2003 based on a projected mid-single digit same-store sales decrease offset by net new store growth.