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Exhibit 1.1
DAVID'S BRIDAL, INC.
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PRESS RELEASE
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CONTACT: ED WOZNIAK
CHIEF FINANCIAL OFFICER
610.896.2111, ext. 202
SECOND QUARTER EARNINGS INCREASE 40.5%
Conshohocken, PA, July 20, 2000 David's Bridal, Inc. (Nasdaq:DABR), reported
net income of $4,923,000, or $0.25 per diluted share, for the quarter ended July
1, 2000, compared to $3,505,000, or $0.19 per diluted share, in the year-ago
period. Second quarter revenues increased 31.6 percent to $65.5 million in
2000, on an 11.2 percent gain in comparable store sales. Operating income
increased to $7.7 million, versus $5.7 million in the second quarter of 1999.
Net income was $11,664,000, or $0.59 per diluted share, for the twenty-six
weeks ended July 1, 2000, compared to $8,075,000, or $0.43 per diluted share,
in the year-ago period. Revenues for the period increased 32.6% to $141.3
million, on a 10.3 percent gain in comparable store sales.
STORE EXPANSION PROGRAM
Six new stores were opened during the second quarter of 2000 bringing the
total new stores opened so far this year to 10. The stores opened in the second
quarter are located in Monrovia, CA; Natick, MA; Miami, FL, Charleston, WV;
Carolina, Puerto Rico and La Mesa, CA. We anticipate opening at least 21 new
stores in Fiscal 2000.
David's Bridal, Inc. is the largest and only national retailer of bridal
gowns and bridal-related apparel and accessories. David's operates 110 stores
in 36 states and Puerto Rico.
RECENT DEVELOPMENT
On July 3, 2000, David's Bridal, Inc. announced that it agreed to be
acquired by The May Department Stores Company for $20 per share in a tender
offer to existing David's Bridal shareowners, subject to customary regulatory
approvals and certain conditions. May commenced the tender offer on July 10,
2000. It is scheduled to expire at 12:00 midnight on August 7, 2000.
NOTE: This release contains forward-looking statements concerning the Company's
current expectations as to future performance within the meaning of The Private
Securities Litigation Reform Act of 1995, including our statements regarding
the prospects for our business. There are important factors that
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could cause our actual results to differ materially from those expressed or
implied by our forward-looking statements, including: changes in general,
economic and business conditions, and those in the bridal industry in
particular; actions of competitors; our ability to recover our costs in the
pricing of our products; the extent to which we are able to develop new products
and expand our business into new markets; our inability to effectively manage
our growth; the level of demand for our products; changes in our business
strategies; developments in international markets; and our inability to obtain
financing when required. Investors are encouraged to review the Company's SEC
filings for more information about the factors affecting the Company's business.
Our filings can be obtained from the Company or by accessing the SEC's internet
site at http://www.sec.gov.
