The Dress Barn Inc. (Suffern, N.Y.) has reported a 33 percent decline in net income for its second quarter ended Jan. 25, 2003.
Net sales for the quarter decreased 2 percent. Same- store sales were down 5 percent.
For the six months ended January 25, 2003, net income was down 10 percent, net sales were flat, and same- store sales decreased 3 percent.
“We are clearly disappointed with our financial results,” said chairman Elliot Jaffe. “This was one of most challenging holiday seasons that I can recall in my many years in retailing. Our results reflect the highly promotional retail climate brought about by weak consumer confidence. Fears of war and job cuts are leading to cautious spending by the consumer.
“During these difficult and uncertain times, our focus remains on managing our business very carefully; specifically, controlling our inventories and costs, while still providing our customers with fresh new spring fashions at compelling value.”
The Dress Barn operates more than 750 locations in strip malls and outlet centers in 44 states and Washington, D.C. Its Dress Barn, Dress Barn Woman (larger sizes), and combination stores sell in-season, moderate- to better-quality women's apparel and accessories at discount prices and cater to professional women ages 25 to 55.