Charming Shoppes posts Q4 loss, names CEO
Bensalem, Pa. -- Charming Shoppes said Thursday it recorded a net loss on a GAAP basis of $30.4 million for the quarter ended Jan. 29, compared with a loss of $28 million a year earlier. The company also announced the announced the appointment of Anthony M. Romano, COO and acting CEO, as president and CEO.
Total net sales increased 7% to $575.8 million for the fourth quarter ended Jan. 29, compared with $539.0 million for the prior year period. Same-store sales for the fourth quarter increased 9%, including an 11% increase at Lane Bryant; e-commerce sales increased 41%.
The retailer said it plans to open five to seven new stores in fiscal 2011 and relocate 10 to 13 stores.
In separate news, the company appointed Brian Woolf as group president – Lane Bryant.