Charming Shoppes reports smaller Q1 loss

Bensalem, Pa. Charming Shoppes reported a narrower net loss for the first quarter. Losses from continuing operations, however, widened from the previous year, while beating analysts' expectations.

The company's net loss for the first quarter narrowed to $6.6 million from $47 million in the prior-year quarter. Without discontinued operations, the year-ago loss came to $900,000.

The company's quarterly net sales tumbled 16% to $538.1 million, while same-store sales fell 13%. Same-store sales declined 15%, 13% and 9% at Lane Bryant, Fashion Bug and Catherines brands, respectively.

The company closed 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 CEO 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.