Charming Shoppes Quarterly Profit Climbs
Bensalem, Pa., Charming Shoppes Inc. said Wednesday that profit jumped nearly 70% in the fiscal third quarter as its newly acquired catalog business added to sales.
For the three months ended Oct. 29, the company earned $10.8 million, or 9? per share, up from $6.4 million, or 5? a share, a year earlier. Revenue rose 22% to $663.3 million from $541.8 million, helped by a boost from the Crosstown Traders catalog business acquired in June. Same-store sales rose 3%.
Charming Shoppes noted that it had unusual gains in the third quarter from insurance reimbursements and a lawsuit settlement, but said these were offset by a charge related to its decision to repatriate foreign earnings to take advantage of a government tax break.
Finlay Signs New Agreement With Federated
New York City, Finlay Enterprises, the leading operator of licensed fine-jewelry departments in department stores, has signed a new three-year agreement with Federated Department Stores for the four Macy’s divisions in which Finlay currently operates. The new agreements were negotiated as a result of Federated’s recent acquisition of The May Department Stores Co. and the merged companies’ subsequent divisional realignment.
Couche-Tard Has Strong Quarter
Laval, Canada, Alimentation Couche-Tard posted strong second-quarter growth: Net earnings jump 44.9% to $55.5 million in the quarter ended Oct. 9. Revenues increase by 29.9% or $551.6 million to $2.39 billion. The company also signed an agreement in the second quarter to acquire 16 sites in New Mexico, United States and two agreements in the third quarter for 26 sites in Tennessee and seven sites in Ohio.