Dress Barn Inc. boosted its earnings guidance Thursday after posting a stronger than anticipated third quarter.
The parent company of Maurices, a Duluth-based women's clothing chain, has an unorthodox fiscal year, with its third quarter ending April 25.
The company had estimated earnings of 70 to 85 cents per share this fiscal year but upped its projection to $1 to $1.05 per share Thursday.
The clothier's net sales for the quarter were $375.7 million -- up 6.6 percent from third quarter a year ago.
Maurices led the way with a 12 percent gain in third-quarter sales from 2008 to 2009.
ADVERTISEMENT
George Goldfarb, Maurices' senior vice president and chief financial officer, said he was pleased with the performance and noted the chain had achieved record operating income for the quarter of $25 million -- more than 16 percent of sales. That's $4 million better than it delivered during the same period last year.
The company remains on pace to open 50 new Maurices stores this fiscal year and surpassed the 700 mark in March, ending the quarter with 707 stores in 44 states.
"We continue to be highly focused on managing our inventories and controlling expenses during these tougher economic times," said Goldfarb in a written statement.
