Charming Shoppes Cuts 3Q Outlook

Bensalem, Pa. Charming Shoppes Inc. lowered its outlook for the fiscal third quarter due to weak sales amid a difficult retail environment.

Charming Shoppes predicted third-quarter sales of $535 million to $545 million, down from previous guidance of $560 million to $570 million. Analysts expect revenue of $561.1 million.

The retailer said it expects to record a same-store sales percentage decline in the low double digits for the third quarter.

"Third quarter-to-date, we are experiencing sales performance which is considerably lower than planned," said interim CEO Alan Rosskamm. "These difficult trends worsened in September, with accelerating weakness in consumer demand during this deteriorating economy."

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