Charming Shoppes Tanks
NEW YORK (
--
Charming Shoppes
(CHRS) - Get Report
is tanking despite a narrower fourth-quarter loss, as sales miss expectations.
During the quarter, the plus-size women's apparel retailer lost $28 million, or 24 cents a share, compared with a loss of $114 million, or 99 cents, in the year-ago period for Charming Shoppes.
Excluding impairment charges, Charming Shoppes actually lost 10 cents a share, better than the 13 cent loss analysts predicted.
Sales toppled 15% to $539 million, missing Wall Street's forecast of $558.6 million. Same-store sales tumbled 12%, hurt by the closing of 152 locations.
Online sales were the bright spot of the quarter, jumping 10%.
The disappointing results come as Charming Shoppes cut expenses by $36 million.
Shares of Charming Shoppes are plunging 15% to $5.70 in morning trading.
-- Reported by Jeanine Poggi in New York.
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