By
Reuters
Published
Mar 2, 2010
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Dress Barn second quarter beats, raises 2010 earnings view

By
Reuters
Published
Mar 2, 2010

March 1 (Reuters) - Women's clothing retailer Dress Barn Inc (DBRN.O) swung to a second-quarter profit that beat market expectations, and said it was raising its 2010 earnings view based on an estimated mid-single digit increase in same-store sales.

Dress Barn
Photo: www.dressbarn.com

The company, which also operates the Maurices and Dress Barn brands, said it expects 2010 earnings of between $1.55 and $1.60 a share.

Analysts on average were expecting 2010 earnings of $1.53 a share, according to Thomson Reuters I/B/E/S.

For the second quarter ended Jan. 23, the Suffern, New York-based company reported net income of $21.7 million, or 28 cents a share, compared with a net loss of $1.8 million, or 3 cents a share, a year earlier.

Excluding certain charges, Dress Barn earned 37 cents a share. Analysts were looking for earnings of 29 cents a share.

Earlier this month, Dress Barn reported a 73 percent jump in quarterly sales. Same-store sales, a key metric of retail health, also rose 10 percent during the quarter.

In January, the company said it expects to earn $1.40 a share to $1.50 per share for fiscal 2010.

Dress Barn shares, which touched a near four-year high Monday 1 March on Nasdaq, closed at $25.73.

(Reporting by Shradhha Sharma in Bangalore; Editing by Unnikrishnan Nair)

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