USA: Charming Shoppes reports net loss in Q3

NEW YORK: Charming Shoppes Inc., a leading apparel retailer, has reported a net loss of 3.6 million U.S. dollars for the quarter ended Nov. 3, 2007. The company had reported a net income of 19.4 million dollars for the same period last year.

Charming Shoppes is a leading multi-brand, multi-channel specialty apparel retailer specializing in women's plus-size apparel, which boasts four brands, Lane Bryant, Fashion Bug, Catherines and Petite Sophisticate.

The loss is attributed to the year-on-year decline to the lower-than-expected sales of the brands, a decrease in gross margins and negative expense leverage on sales.

During the quarter, net sales of the company reached 669.4 million dollars, down 4 percent from 695.3 million dollars for the three months ended Oct. 28, 2006.

The holiday season is coming up and the company expects promotional sales on the occasion. Under the circumstance, the company updated its diluted earnings outlook for the fourth quarter ended Feb. 2, 2008 to a loss in the range of 0.06 dollars to 0.08 dollars per share.

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Added: November 22, 2007 Source: Agencies
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