Charming Shoppes amends earnings guidance for year ending Jan, 28

08 Jul '05

7 min read

Women's plus-size specialty apparel retailer Charming Shoppes Inc provided upwardly revised earnings guidance for the current fiscal quarter ending July 30, 2005 and the fiscal year ending January 28, 2006. The revisions include the impact of the Company's acquisition of Crosstown Traders, Inc., which was completed on June 2, 2005.

Commenting on the Company's current quarter, Dorrit J. Bern, Chairman, Chief Executive Officer and President of Charming Shoppes Inc said, "Stronger than planned June sales and solid improvement in gross margins at our retail store brands are the drivers of our upward revision of projected earnings per share for the second quarter.

They are enjoying healthy performance in Summer product classifications at our Lane Bryant, Fashion Bug and Catherines Plus Size businesses.

"For the full year, both our retail store brands' strong performance and the addition of Crosstown Traders are contributing to our upwardly revised earnings outlook.

Through the first half of the year, Lane Bryant, Catherines and Fashion Bug are each expected to contribute to our improved profitability versus a year ago. The revision to our earnings projections in the latter half of the year is primarily attributable to the projected accretion from our acquisition of Crosstown Traders."

Revised Outlook for Fiscal Year ending January 28, 2006:
Projected Earnings Per Share for Fiscal Year 2006: For the fiscal year ending January 28, 2006, the Company has provided an upwardly revised projection for diluted earnings per share in the range of $0.69 - $0.73. This compares to $0.52 per diluted share for the corresponding period ended January 29, 2005.

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