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Charming 1Q Net Sales Drop 16.1%

(Filed Under Financial and General Interest News). During the first quarter ended May 2, 2009, multi-brand plus size retailer Charming Shoppes, Inc. has cited a 16.1 percent decrease in net sales to $538.1 million from $641.3 million during the prior year’s quarter.

“While our performance for the first quarter reflected a difficult retail environment and did exceed our earnings guidance, our results were nevertheless disappointing,” said Jim Fogarty, president and CEO of the company. “Our results reflected comparable store sales performance that was not on par with other retailers, and a disappointing level of earning power for our brands. We focused on improving our business model and our marketing. We are also focused on improving our merchandise assortment planning go reflect more balanced and compelling offerings across our brand.”

Charming operates Lane Bryant/Cacique double platinum stores (adjoined locations), as well as Fashion Bug locations and Catherines stores, all of which offer intimates in addition to ready-to-wear. Lane Bryant/Cacique stores net sales decreased by 15 percent to $253.8 million from $297 during last year’s first quarter, while Fashion Bug stores faced a 19 percent decrease to $178.7 million from $221.8 million. Catherines experienced a 9 percent decrease in net sales to $78.7 million from $86.5 million.

more Financial and General Interest News >>

Published 06-08-2009 by Bruna Fernandes

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