Charming Shoppes 4Q profit up 30 percent |
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Wed, 21 Mar 2007 13:36
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BENSALEM, Pa. (AP) - Women's specialty retailer Charming Shoppes Inc., which operates Lane Bryant clothing stores, said Wednesday its fiscal fourth-quarter profit climbed 30 percent due to better margins and revenue in its retail stores.Net income for the quarter ended Feb. 3 rose to $24.9 million or 19 cents per share, from $19.2 million, or 15 cents per share in the prior year period.Analysts polled by Thomson Financial were looking for net income of 19 cents per share.The company said improved gross and operating margins and well-controlled expenses in its retail stores division helped boost net income for the quarter.Revenue rose 9 percent to $874 million from $799.6 million in the fourth quarter of fiscal 2006. Analysts were expecting revenue of $863 million.Charming Shoppes said a 13 percent increase in retail revenue contributed to the overall rise. That increase was largely due to strong sales at all retail brands, the addition last year of a Lane Bryant outlet business and the inclusion of an extra week in the fiscal 2007 fourth quarter.Even as overall revenue rose, same-store sales -- or sales at stores open at least a year -- fell 1 percent during the fourth quarter, the company said.Also, sales in the company's direct-to-consumer segment declined in the quarter by about 5 percent, primarily because of 'below-plan performance' in the apparel-related catalogs.For the year, earnings rose 10 percent to $108.9 million, or 81 cents per share, from $99.4 million, or 76 cents per share in the prior year. Revenue grew 11 percent to $3.07 billion from $2.76 billion in 2006.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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