Charming Shoppes narrows loss on lowered expenses

Bensalem, Pa. Charming Shoppes reported a smaller third-quarter loss on Wednesday, helped by lower expenses.

Charming said its Lane Bryant, Fashion Bug and Catherines stores all posted sales declines. The company lost $48.4 million for the period ended Oct. 31, compared with a loss of $83.8 million a year earlier.

But sales dropped 17%, hurt by 115 store closings and a decline in same-store sales. Sales fell to $460.2 million from $553.1 million, while same-store sales fell 13%.

President and CEO Jim Fogarty said in a statement that the company's accessories and intimates performed well in the quarter, but it did not have the best mix of tops and bottoms for its customers. Charming also didn't have the best mix of prices or enough promotions, he added.