US: Dress Barn ups FY guidance on Q3 sales surge
- Q3 sales up 77% to US$666m
- Boosted by integration of Justice acquisition
- Increases FY earnings guidance
Women’s wear retailer Dress Barn has increased its third quarter and full-year earnings guidance after posting a 77% surge in third quarter sales to US$666m.
The impressive sales performance was primarily due to the inclusion of revenues from the recently acquired Justice brand, which contributed $245.6m out of the $290.3m total growth.
However, comparable store sales were up 14%, and the company’s Dressbarn and Maurices businesses registered sales increases of 9% and 17% respectively.
For the first nine months of the fiscal year, total sales were up 52% to $1.66bn, Dress Barn said.
“Our comparable store sales increase for the quarter significantly exceeded our expectations,” said company president and CEO David Jaffe.
“We are particularly pleased that these results were achieved across all brands.”
Dress Barn now expects third quarter earnings per share to be in the range of $0.58-0.60, up 53-58% on last year.
For the full year, it has raised its eps guidance to $1.80-1.85 from $1.55-1.60, based on various assumptions, including a mid-single digit increase in comparable store sales in the fourth quarter.
Apparel retail group Dress Barn posted a strong increase in fourth quarter profit, aided by a healthy contribution from its recently acquired Justice chain....
Dress Barn shareholders are to vote on the company's reorganisation in December, at its annual meeting....
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