Charming Shoppes Plans to Divest Fashion Bug Biz

Charming Shoppes Inc reported sales and operating results for the three and nine month periods ended October 29, 2011. Additionally, the Company announced that it is undertaking a comprehensive strategic review of its operations to determine how best to enhance shareholder value. The Company also announced that it has decided to divest its Fashion Bug business and accelerate the growth of its Lane Bryant flagship brand.

For the third quarter ended October 29, 2011, the Company reported net sales of $429.7 million, compared to $463.6 million for the prior year period. Comparable store sales for the third quarter decreased 4% compared to the prior year period and included a flat comparable store sales result for Lane Bryant. Adjusted EBITDA for the quarter increased 100% to $8.0 million or 1.9% of sales.

This compares to Adjusted EBITDA of $4.0 million or 0.9% of sales in the prior year period, reflecting an improvement of $4.0 million. On a GAAP basis, the Company reported a net loss of $(13.0) million, or $(0.11) per diluted share for the third quarter, compared to a net loss of $(18.8) million or $(0.16) per diluted share for the third quarter of the prior year. On a non-GAAP basis, excluding restructuring and other charges, net loss per diluted share was $(0.08) for the third quarter, compared to a net loss per diluted share of $(0.13) in the third quarter of the prior year.

For more details please visit: Charming Shoppes Plans to Divest Fashion Bug Biz @ Fibre2fashion

0 comments:

Post a Comment

Copyright © ultimate style. All Rights Reserved.
Blogger Template designed by Click Bank Engine.