US: Justice acquisition boosts Dress Barn Q4 profit
- Q4 net profit up 64% to US$42m
- Net sales up 78% to $710.9m
- Boosted by contribution from Justice acquisition
Apparel retail group Dress Barn posted a strong increase in fourth quarter profit, aided by a healthy contribution from its recently acquired Justice chain.
Full-year profit doubled to US$133.4m, with net sales up 59% to $2.4bn, thanks to Justice and strong sales increases for the US business’s Dressbarn and Maurice’s retail concepts.
Comparable store sales rose 7% in the fourth quarter and 9% for the full fiscal year.
“Our financial results demonstrate that we have built a powerful platform of diversified retail concepts whose value-oriented merchandise assortments are resonating with today’s demanding consumers,” said Dress Barn president and CEO David Jaffe.
“The strategic progress we made this past year with the acquisition of Justice has clearly reinforced our ability to flow strong returns and create significant value for our shareholders.”
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Stronger than expected sales and margins during the holiday season have prompted Ascena Retail Group Inc - formerly The Dress Barn - to raise its full year earnings guidance....
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