Charming Shoppes Swings to 2Q Loss, Sales Slip
Bensalem, Pa. Charming Shoppes Inc. said Wednesday it swung to a fiscal second-quarter loss as it faced a weak retail environment and hefty one-time costs.
Charming Shoppes said for the quarter ended Aug. 2 it lost $8.3 million compared with a profit of $18.3 million in the same quarter last year.
The company posted a loss from continuing operations of $3.7 million. Included in those results was an after-tax charge of $5.8 million related to the severance package for its former CEO Dorrit J. Bern, who stepped down last month after a bitter proxy fight.
Charming Shoppes also said it took a charge of $3.5 million during the quarter from consolidation and streamlining efforts.
Sales fell 6.6% to $648.6 million from $694.4 million.
J.M. Smucker announces new promotions
ORRVILLE, Ohio The J.M. Smucker Company has announced several promotions.
Timothy Smucker’s title has been changed from chairman and co-ceo to chairman of the board and co-ceo.
Richard Smucker’s title has been changed from president and co-ceo to executive chairman and co-ceo. He will also continue in his capacity as president of the company.
Vincent Byrd was promoted from senior vp of its consumer business to president of the newly created coffee strategic business area (SBA).
Steven Oakland was promoted to president of the consumer business.
Mark Smucker has been promoted to president of the special markets SBA which includes the company’s foodservice and beverage groups as well as its Canadian and international operations after serving as vp of international. Smucker has been with the company for 11 years.
Paul Smucker Wagstaff, also great-great grandson of founder Jerome Smucker, has been promoted from vp of foodservice and beverage markets to president of the oils and baking SBA. Wagstaff has been with Smucker for 12 years.
Barry Dunaway, formerly vp of corporate development, has been named senior vp of the newly created corporate and organization development office with combined responsibility for mergers/acquisitions and human resources.
La-Z-Boy elects directors
MONROE, Mich. La-Z-Boy announced that its shareholders have elected directors Kurt Darrow, James Johnston, George Levy, M.D. and Alan McCollough to three-year terms on the company’s board of directors.
Shareholders also voted to ratify the selection of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for fiscal 2009.