Home / Knowledge / News / Apparel/Garments / Consolidated comparable store sales up at Charming Shoppes
Consolidated comparable store sales up at Charming Shoppes
06
Sep '11
Charming Shoppes Inc., a leading multi-brand apparel retailer specializing in women's plus-size apparel, reported sales and operating results for the three and six month periods ended July 30, 2011.

Commenting on the quarter, Anthony M. Romano, President and Chief Executive Officer of Charming Shoppes, Inc. said, "We are pleased with the progress of our initiatives which resulted in an 80% increase in Adjusted EBITDA to $18.5 million during the second quarter. Each of our brands has improved year over year by providing more fashionable, trend-right assortments, coupled with disciplined inventory management, gross margin expansion and leveraging of operating expenses.

"Our Spring and Summer inventory assortments resonated more strongly with our customer, driving faster full price sell-throughs at higher gross margins across all brands. We improved conversion rates, average unit retails and average dollar sales compared to the prior year. We oversold our plan in May and June; however, July sales were negatively impacted by reduced levels of Summer clearance inventory.

"Our disciplined inventory management resulted in 5% lower inventory at cost on a comparable store basis at the end of the quarter as compared to a year ago, and has led to better inventory productivity. Our business plans included significantly reduced levels of Summer clearance merchandise, which contributed to our gross margin improvement of 120 basis points. As a result, traffic and transactions decreased, although somewhat more than we had planned. Further, we experienced lower operating expenses in marketing, store operating and occupancy expenses, which drove leverage of 90 basis points."

The Company continued to strengthen its balance sheet and generated $47.0 million in cash during the quarter, ending the period with total cash of $227.4 million. The Company also renewed a $200 million senior secured revolving credit facility with a five-year maturity on more favorable terms.

Romano continued, "We have positioned ourselves to compete aggressively in this challenging macro-economic environment by continuing our disciplined inventory management, and with more focused marketing, including appropriate promotional pricing adjustments as our consumer dictates and as circumstances warrant."

Click here to read more details

Charming Shoppes Inc


Must ReadView All

Textiles | On 29th Jun 2017

Indian textile industry will reach new milestone by 2020

By 2020, textile technologies will be highly advanced not only with...

Alessandro Zucchi; Courtesy: ACIMIT

Textiles | On 29th Jun 2017

Alessandro Zucchi succeeds Carabelli as ACIMIT president

The members’ assembly of the Association of Italian Machinery...

Courtesy: Raymond

Apparel/Garments | On 28th Jun 2017

Raymond plans to invest Rs 1,400 crore in Amravati plant

Raymond, Indian textiles and apparel major, has decided to invest Rs...

Interviews View All

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search