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Byline: Marilyn Much
Investor's Business Daily
It's one of those ironies of the retail game. At the same time the folks at Dress Barn Inc. were gloating over the firm's streak of stellar quarterly results, they reined in the year's earnings estimate.
Two weeks ago, Chief Executive Elliot Jaffe said earnings for the current fiscal year, which ends in July, will be around $2.20 a share. That's down fromthe $2.30 analysts polled by First Call predicted.
While Jaffe
said business at the retailer had "never been stronger" - and praised its strong balance sheet and cost management strategy - he conceded the near-term picture is cloudy.
"In view of changes in the economic bad weather in recent months, we are planning the remainder of this fiscal year on a conservative basis," Jaffe saidin a statement.