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Charming Shoppes reports net income of $32.6m in Q2
16 Aug '06
3 min read
Net sales for the company's retail stores segment increased 4% to $1,298.5 million during the six months ended July 29th 2006. Consolidated comparable store sales for the company's retail store brands increased 1% during the six months ended July 29th 2006.
Dorrit Bern, Chairman, CEO and President of Charming Shoppes Inc, said, "We are pleased to report sales and earnings results which are in line with our plans for the quarter. We experienced an improvement in comparable store sales as compared to our first quarter. Growth in net sales, year over year, was primarily driven by the addition of a full quarter of sales at our Crosstown Traders catalog business, which was acquired on June 2nd 2005. Additionally, our Lane Bryant and Catherines brands continue to increase market share, following strong performance a year ago, and delivered on their sales objectives for the quarter."
For the second half ending February 3rd 2007, the company projects diluted earnings per share in the range of $0.33 - $0.35. This includes projections for diluted earnings per share in the ranges of $0.12 - $0.13 for the third quarter ending October 28th 2006 and $0.21 - $0.22 for the fourth quarter ending February 3rd 2007.
For the corresponding periods ended October 29th 2005 and January 28th 2006, diluted earnings per share were $0.09 and $0.15, respectively.
For the fiscal year ending February 3rd 2007, the company has reaffirmed its projection for diluted earnings per share in the range of $0.81 - $0.83, compared to diluted earnings per share of $0.76 for the corresponding period ended January 28th 2006.
At July 29th 2006, Charming Shoppes Inc operated 2,317 retail stores in 48 states under the names Lane Bryant, Fashion Bug, Fashion Bug Plus, Catherines Plus Sizes, and Lane Bryant. During the twenty-six weeks ended July 29th 2006 it opened 105 (including 76 Lane Bryant Outlet stores), relocated 32, and closed 24 retail stores.
Dorrit Bern, Chairman, CEO and President of Charming Shoppes Inc, said, "We are pleased to report sales and earnings results which are in line with our plans for the quarter. We experienced an improvement in comparable store sales as compared to our first quarter. Growth in net sales, year over year, was primarily driven by the addition of a full quarter of sales at our Crosstown Traders catalog business, which was acquired on June 2nd 2005. Additionally, our Lane Bryant and Catherines brands continue to increase market share, following strong performance a year ago, and delivered on their sales objectives for the quarter."
For the second half ending February 3rd 2007, the company projects diluted earnings per share in the range of $0.33 - $0.35. This includes projections for diluted earnings per share in the ranges of $0.12 - $0.13 for the third quarter ending October 28th 2006 and $0.21 - $0.22 for the fourth quarter ending February 3rd 2007.
For the corresponding periods ended October 29th 2005 and January 28th 2006, diluted earnings per share were $0.09 and $0.15, respectively.
For the fiscal year ending February 3rd 2007, the company has reaffirmed its projection for diluted earnings per share in the range of $0.81 - $0.83, compared to diluted earnings per share of $0.76 for the corresponding period ended January 28th 2006.
At July 29th 2006, Charming Shoppes Inc operated 2,317 retail stores in 48 states under the names Lane Bryant, Fashion Bug, Fashion Bug Plus, Catherines Plus Sizes, and Lane Bryant. During the twenty-six weeks ended July 29th 2006 it opened 105 (including 76 Lane Bryant Outlet stores), relocated 32, and closed 24 retail stores.
Charming Shoppes Inc
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