Home / Knowledge / News / Apparel/Garments / Charming Shoppes posts 3.4% drop in FY12' sales
Charming Shoppes posts 3.4% drop in FY12' sales
28
Mar '12
Charming Shoppes Inc. a leading apparel retailer specializing in women's plus-size apparel, reported sales and operating results for the three and twelve months ended January 28, 2012.

Anthony M. Romano, President and Chief Executive Officer of Charming Shoppes, Inc. said, "I am very pleased with our results for the 2011 fiscal year. In the face of rising product costs, restrained consumer spending and an intensely promotional holiday environment, we delivered an Adjusted EBITDA increase of 62% to $81.4 million, generated operating income for the first time in four years, increased our gross margin by 90 basis points, leveraged our SG&A and Occupancy and Buying expenses by a combined 70 basis points as a percent of sales and generated cash of $51.1 million."

Commenting on the quarter, Romano said, "We are pleased to have delivered our fifth consecutive quarter of improved year over year results, with an Adjusted EBITDA increase of $2.0 million, or 19%, to $12.7 million for the fourth quarter.

Our fourth quarter results, however, were below our expectations as the impact of higher product costs and a challenging promotional environment created gross profit pressures, specifically at Lane Bryant. In response, we went on the offensive and chose to offer deeper-than-planned discounts to ensure seasonal unit sell-throughs. Nonetheless, we were able to fully offset the impact of these pressures through reductions in both SG&A and Occupancy and Buying expenses.

"At each of our brands, we continued to execute on our merchandise strategy, which included a shift from year-round basic apparel to a better mix of seasonal, faster-turning novelty and fashion assortments. We maintained our disciplined inventory management to reduce overall inventory levels. Our consolidated comparable store inventories at cost at the end of the period were 8% lower than the prior year period, with units decreasing by 13%."

Click here to read more details:

Charming Shoppes Inc

Must ReadView All

Textiles | On 22nd May 2017

GST to be biggest achievement of Modi govt: ASSOCHAM

Goods and Services Tax (GST) which is near a roll-out would be the...

Textiles | On 22nd May 2017

Maintaining NAFTA benefits is crucial: Cotton council

The US must remain a participant in a vibrant North American Free...

Apparel/Garments | On 22nd May 2017

Retailers ask Congress not to go for consumption tax

The National Retail Federation has asked US Congress to focus on...

Interviews View All

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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:
May 2017

May 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