Charming Shoppes swings to profit in Q1
Bensalem , Pa. (Jun. 3) Charming Shoppes, said Thursday that it returned to a first-quarter profit, even though its sales decreased because it closed dozens of stores.
For the three months that ended on May 1, the owner of Lane Bryant, Fashion Bug and Catherines stores reported net income of $3.9 million, compared with a previous net loss of $6.6 million.
Revenue fell 6.2% to $504.8 million, down from $538.1 million. But the company said much of that decrease came from a decision to shut 144 stores during the year. Same-store sales were down 2%.