Plans call for the chain to open 39 Maurices units in the spring, while closing one store. Also continuing are plans to move primarily out of malls and into strip centers, and a search for a strategic purchase, said David R. Jaffe, president and CEO. The company has been compiling cash, he said.
"We are building our cushion for a potential acquisition," Jaffe said. "We have a significant opportunity to provide value and drive our business."
Net sales for the quarter were $345.6 million, up 2% from the same quarter last year. Comparable-store sales dropped 4%. Net earnings were $7.4 million, down from $17.0 million in the prior-year period.
Dress Barn operates 819 Dressbarn stores in 46 states and 638 Maurices stores in 43 states.
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