Charming Shoppes narrows Q4 loss
Bensalem, Pa. Charming Shoppes reported Tuesday that its fourth-quarter loss narrowed as the retailer cut costs and closed stores. However, the shutterings resulted in a revenue drop of 14.7%, to $539 million in the quarter.
According to the plus-size apparel retailer’s president and CEO Jim Fogarty, efforts to stabilize and grow the business are a work in progress.
“Considering lead times to adjust apparel assortments, our results in the fourth quarter showed only modest improvement and reflected very similar assortment issues to those we referenced in the third quarter — a lack of focus on our customer and a failure to provide her with a strong, focused core tops and bottoms assortment,” he said.
Charming Shoppes lost $28 million for the period ended Jan. 30, compared with a loss of $114 million in the year-ago quarter. Excluding impairment charges and other items, the company that runs Lane Bryant, Fashion Bug and other stores lost $12.1 million, which beat Wall Street expectations.
Same-store sales dropped 12% during the quarter.
Churchill China introduces Jamie Oliver collection
NEW YORK Churchill China unveiled a new tabletop line from celebrity chef Jamie Oliver at the International Home and Housewares show last week, according to reports.
The collection features dinnerware designed for easy use by the home cook, reports indicate. Items in the collection are reported to be multi-functional, easy to store and durable.
Easter costs (a little) more this year
Target’s Easter circular this year featured virtually all of the same categories and weighed in at 36 pages, but prices were increased in select areas including bags of Easter candy featured on the cover at $2.69 versus $1.99 last year. Candy may cost more, but the price of small bamboo baskets (75 cents), Easter grass (25 cents), 12-count unfilled plastic eggs (65 cents) and Peeps ($1.49) stayed the same.
Price increases were evident on asparagus, $1.99 versus $1.49 last year, Sutton Dodge bone-in roast, $6.99 versus $5.99 last year, Market Pantry frozen turkey at 99 cents versus 78 cents last year and Campbell’s cream of mushroom soup at 75 cents compared to 66 cents.
Prices on other directly comparable advertised food items that were featured both years remained constant and included strawberries ($1.99), Philadelphia Cream Cheese (99 cents), Archer Farms bread ($2.99) and a complete Easter feast ($59.99). Prices declined in a few cases, including whole pineapple at $2.50 this year versus $2.99 last year and Kraft jet-puffed marshmallows at 96 cents this year versus 99 cents last year.