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Charming Shoppes posts wider-than-expected loss; to close 90 to 150 stores
Bensalem, Pa. -- Charming Shoppes Inc. recorded a wider-than-expected loss for its fourth quarter as higher product costs and discounts at its Lane Bryant division cut into margins. The chain said plans to close between 90 to 105 underperforming stores this year.
Charming Shoppes, which hired Barclays Capital in December to help it review its options, posted a loss of $13.2 million for the three months ended January 28, 2012, compared with a loss of $30.4 million a year ago.
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Walgreens’ Q2 profit drops 7.7%; beats estimates
Deerfield, Ill. -- Walgreens’ fiscal second-quarter earnings fell 7.7% due in part to its decision to leave the Express Scripts pharmacy network. But its performance still topped analyst expectations. A mild flu and cough/cold season also cut into its performance.
The chain said its net income dropped to $683 million in the three months ended Feb. 29, 2012, compared with $739 million a year ago. Revenue rose 0.8% to $18.65 billion, from $18.5 billion a year earlier. Same-store prescriptions filled fell 4.9%. Revenue from the front-end was up 2.1%.