Charming Shoppes Reports Smaller 1Q Loss

BENSALEM, Pa. (AP) — Charming Shoppes Inc., which operates Lane Bryant and Fashion Bug stores, reported a smaller fiscal first-quarter loss on Wednesday, but the women's apparel retailer called its performance "disappointing."

In the quarter ended May 2, Charming Shoppes' losses totaled about $6.6 million, or 6 cents per share. That loss includes 7 cents per share in charges related to restructuring and other one-time items.

Analysts surveyed by Thomson Reuters, who generally exclude one-time items and discontinued operations from their estimates, forecast a loss of 7 cents per share for the most recent quarter.

The first-quarter loss compares with a loss of $46.8 million, or 41 cents per share, a year ago. Without discontinued operations, the year-ago loss came to $900,000, or 1 cent per share.

The company's quarterly net sales tumbled 16 percent to $538.1 million, while same-store sales, or sales at stores open at least a year, fell 13 percent. Same-store sales are a key indicator of retailer performance since they measure growth at existing stores rather than newly opened ones.