Key Developments For The Dress Barn, Inc.
The Dress Barn, Inc. (DBRN.O) (Nasdaq)
The Dress Barn, Inc. Completes Merger With Tween Brands, Inc.
The Dress Barn, Inc. announced that it has completed its merger with Tween Brands, Inc. Tween Brands stockholders will receive 0.47 shares of Dress Barn common stock for each share of Tween Brands. Tween Brands, Inc., which operates the Justice retail store brand, will operate as a separate subsidiary of The Dress Barn, Inc. and, as of the merger, will be free of bank debt. The combined company operates 2,492 locations and, on a trailing twelve month basis.
The Dress Barn, Inc. Raises FY 2010 EPS Guidance; Comments On FY 2010 Comparable Store Sales Guidance
The Dress Barn, Inc. increased its guidance for earnings per diluted share (EPS) for fiscal 2010 to a range of $1.20 to $1.30. This estimate is based on a low single digit increase in comparable store sales. According to Reuters Estimates, analysts on an average were expecting the Company to report EPS of $1.20 for the same period.
The Dress Barn, Inc. Issues FY 2010 EPS Guidance Below Analysts' Estimates; Comments On FY 2010 Comparable Store Sales Guidance
The Dress Barn, Inc. announced that for fiscal 2010, it expects earnings per diluted share (EPS) in the range of $1.10 to $1.20. This estimate is also based upon various assumptions for fiscal 2010 including a low single digit increase in comparable store sales. According to Reuters Estimates, analysts on an average were expecting the Company to report EPS of $1.23 for the same period.
The Dress Barn, Inc. Announces Merger Agreement With Tween Brands, Inc.
The Dress Barn, Inc. and Tween Brands, Inc. jointly announced that they have entered into a definitive agreement pursuant to which a subsidiary of Dress Barn, Inc. will merge with Tween Brands, Inc. in a stock-for-stock transaction. Under the terms of the merger agreement, each share of Tween Brands, Inc. common stock will be exchanged for 0.47 shares of Dress Barn, Inc. common stock. Based on Dress Barn Inc.`s stock price of $13.24 as of June 24, 2009, this consideration would be equivalent to $6.22 per Tween Brands, Inc. share. Upon closing of the transaction, Tween Brands, Inc.`s stockholders are expected to own approximately 16% of Dress Barn, Inc.`s diluted outstanding shares. In connection with the transaction, Tween Brands, Inc.`s outstanding bank debt will be repaid. Dress Barn, Inc. anticipates that the transaction will be neutral to earnings in the first full year of combined operations and accretive thereafter. The transaction, approved by each of Dress Barn, Inc.`s and Tween Brands, Inc.`s Board of Directors, is expected to close in the fourth quarter of calendar year 2009.
The Dress Barn, Inc. Raises FY 2009 EPS Guidance; Comments On Q4 2009 Comparable Store Sales Guidance
The Dress Barn, Inc. raised its earnings per share (EPS) guidance for fiscal 2009 to a range of $1.00 to $1.05. This estimate is based upon various assumptions for the fourth quarter 2009 including flat to a low single digit increase in comparable store sales. According to Reuters Estimates, analysts on an average were expecting the Company to report EPS of $0.92 for the same period.
