Dress Barn Profits And Revenue Soar (DBRN)

The Dress Barn, Inc. DBRN announced after the market closed on Thursday that it beat consensus Wall Street estimates. The Dress Barn, Inc reported that its 1st quarter net earnings more than doubled to $48 million, or 60 cents per share, up from $21.7 million, or 33 cents per share, a year earlier. Excluding special items, the company's earnings came in at 63 cents per share. The company's revenue soared 77% to $713.3 million, up from $404.1 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 62 cents per share, on revenue of $702.66 million. President and chief executive officer David R. Jaffe said, “As we look forward to the Holiday and Spring seasons, we are encouraged that our positioning will enable us to continue to capture increased sales. We believe that we have the right mix of fashion and value in each of our concepts to capture the attention of our core consumers. Operationally, we will leverage the scale and best practices of our businesses to grow stronger. We believe that the strength of our brands, our balance sheet, and our ability to generate excellent levels of cash place us in a superior position to drive value to our shareholders.” The Dress Barn, Inc. (DBRN) closed Thursday trading at $24.67 per share. Analysts covering the company's stock give it a consensus price target of 28.19 per share. Read more from Benzinga's Company news.