Leading multi-channel specialty apparel retailer Charming Shoppes Inc reported record sales and earnings for the second quarter ended July 30, 2005. The Company's reported results for the three and six-month periods ended July 30, 2005 include sales and earnings from Crosstown Traders Inc since its acquisition on June 2, 2005.
Three Months Ended July 30, 2005
For the three months ended July 30, 2005, net income increased 46 percent to a record $39,577,000 or $0.30 per diluted share. For the corresponding period ended July 31, 2004, net income was $27,059,000 or $0.21 per diluted share. The strong increase in net income is directly attributable to solid improvements in the operating margin, driven by expansion in the gross margin at each of the Company's retail store brands. There was no impact to second quarter earnings from the Company's Crosstown Traders business, which was acquired June 2, 2005. Net sales for the three months ended July 30, 2005 increased 13 percent to a record $688,360,000, compared to sales of $611,737,000 for the three months ended July 31, 2004. Exclusive of the sales from Crosstown Traders, Charming Shoppes achieved record net sales for the quarter from its consolidated retail store brands, which increased 4 percent during the second quarter. Consolidated comparable store sales for the Company's retail store brands increased 3 percent during the three months ended July 30, 2005.
Six Months Ended July 30, 2005
For the six months ended July 30, 2005, net income increased 31 percent to a record $69,594,000 or $0.53 per diluted share. For the corresponding period ended July 31, 2004, net income was $53,308,000 or $0.42 per diluted share. Net sales for the six months ended July 30, 2005 increased 7 percent to $1,291,615,000, compared to sales of $1,204,475,000 for the six months ended July 31, 2004. Consolidated comparable store sales for the Company's retail store brands increased 1 percent for the six months ended July 30, 2005.
marketing@alchempro.com
