Fashion retailer Deb Shops June same-store sales down
06 Jul '06
2 min read
Specialty retailer of fashionable apparel, shoes and accessories Deb Shops Inc reported that comparable store sales decreased 4.9 percent for the month ended June 30, 2006. Total sales decreased 0.9 percent to $24.8 million from $25.0 million for the month ended June 30, 2005.
The Company reports financial results on the calendar month. Therefore, differences in timing will occur when comparing Deb Shops' results to those of retailers reporting on a 4-5-4 calendar. During the month of June 2006, there were five Fridays compared to four Fridays during June 2005.
Based on current information, Deb Shops expects fiscal 2007 sales to be in the range of $325 million to $330 million, versus prior guidance of $343 to $348 million. This is based on a projected low single digit comparable store sales decrease for the remainder of the fiscal year, offset by net
new store growth. Accordingly, fiscal 2007 earnings per share are expected to range from $1.40 to $1.50, versus prior guidance of $1.85 to $1.90. For the remainder of the fiscal year, the Company expects to open seven to nine new stores.
Marvin Rounick, President and CEO of Deb Shops, stated, "Our performance during June has resulted in us revising our sales and earnings expectations for the remainder of fiscal year 2007. We are focused on reviewing our merchandising strategy and are committed to making the adjustments necessary to improve our sales trends."
Deb Shops Inc is a national specialty retailer of fashionable apparel, shoes and accessories for juniors in both regular and plus sizes. The Company operates 334 specialty apparel stores in 42 states under the DEB and Tops 'N Bottoms names.
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