Dress Barn, a specialty retailer of women's apparel, has reported net earnings of $21.7 million, or $0.33 per diluted share, for the first quarter ended October 24, 2009, compared to $19.7 million, or $0.3 per diluted share, for the first quarter of fiscal 2009.
For the first quarter of fiscal 2010, net sales increased 7% to $404.1 million from $376.4 million for the first quarter of fiscal 2009.
Gross profit was $163.8 million, compared to $147.2 million for the same quarter of fiscal 2009.
The company has reported an operating income of $37.81 million for the first quarter of fiscal 2010, compared to $32.31 million for the corresponding quarter of fiscal 2009.
David Jaffe, president and CEO of Dress Barn, said: "We are pleased to be making significant progress in our businesses, as reflected by our financial results. While the market conditions remain very challenging, our business is well positioned for the current environment. Our concepts provide strong fashion-driven assortments at value prices for a range of consumers.
"Improvements in our merchandise mix and tight inventory controls have helped drive the growth of our dressbarn and maurices sales and profitability. In addition, we are looking forward to completing our transaction with Tween Brands which we believe will provide a new source of long-term growth and value creation for our shareholders."