Specialty apparel retailer Dress Barn, Inc. (DBRN), Thursday reported a 10% rise in comparable store sales, with a 73% increase in sales for the second quarter.
The Suffern, New York-based company's net sales for the thirteen-week fiscal second quarter increased 73.1% to $594.1 million from $343.2 million last year. The increase is primarily due to the inclusion of Justice sales since the merger on November 25, 2009 and increased comparable store sales at dressbarn and maurices.
Consolidated comparable store sales increased 10% for the quarter ended January 23, 2010. Dressbarn comparable store sales for the quarter increased 6% and maurices comparable store sales increased 5%. Justice comparable store sales, which are included since the merger on November 25, 2009, increased 19% for the second quarter.
Consolidated comparable store sales increased 8% for the six months ended January 23, 2010. Dressbarn and maurices comparable store sales for the period increased 5% and 4%, respectively. Justice comparable store sales improved 19%.
David Jaffe, president and chief executive officer commented, "Our commitment of offering fashion apparel at value prices continues to resonate with our customers. We are also pleased with our recent successful redemption of all outstanding 2.50% Convertible Senior Notes. This has further strengthened our balance sheet by eliminating $112.5 million of debt and reduced our interest expense. We continue to be committed to a comprehensive strategy of improving our business and flowing value to our shareholders."
DBRN is currently trading at $23.99, down 0.43 or 1.76%, on a volume of 0.32 million shares on the Nasdaq.
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