Charming Shoppes Reports Smaller 1Q Loss

Charming Shoppes noted that the company also shuttered 162 stores during the last year.

"While our performance for the first quarter reflected a difficult retail environment and did exceed our earnings guidance, our results were nevertheless disappointing," said President and Chief Executive Jim Fogarty in a statement. "Our results reflect comparable store sales performance that was not on par with other retailers, and a disappointing level of earning power for our brands."

Fogarty said the company is focused on improving its business model, marketing and merchandise assortment.

Excluding the restructuring charges, the company reduced its total expenses by 16 percent to $103.3 million in the first quarter. The merchandise margin, on the other hand, improved as the retailer slashed same-store inventories by 21 percent.

Charming Shoppes shares gained 12 cents, or 3.4 percent, to $3.70 in afternoon trading. The stock has traded between 45 cents and $6.35 during the past 52 weeks.