FINANCE

Fred’s 3Q Profit Up on Cost Cuts

BY CSA STAFF

Memphis, Tenn. Fred’s Inc. said Wednesday its third-quarter profit rose 32%, as the company cut its expenses.

The company earned $6.1 million in the three months ended Nov. 1, compared with profit of $4.6 million in the year-ago period.

Sales fell less than 1% to $418 million from $419.9 million. Same-store sales rose 1.4% in the quarter.

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Fisher resigns from Godinger

BY CSA STAFF

NEW YORK Mark Fisher has resigned as president and chief marketing officer of Godinger. He will become a partner at International Industrial Development Associates.

Fisher was with Godinger for 15 years, his tasks will be assumed internally.

 

 

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Charming Shoppes posts better-than-expected 3Q loss

BY CSA STAFF

BENSALEM, Pa. Charming Shoppes reported a loss form continuing operations of $23.7 million of 21 cents per diluted share on a non-GAAP basis. The company had projected a diluted loss per share in the range of 35 cents to 37 cents.

Net sales from continuing operations for the thirteen weeks ended Nov. 1 decreased 8% to $553.1 million, compared to net sales from continuing operations of $599.7 million for the thirteen weeks ended Nov. 3, 2007.

Net sales for the company’s retail stores segment were $528.5 million during the quarter, a decrease of 10% compared to $588.1 million during the same period last year. Consolidated comparable-store sales for the company’s retail stores segment decreased 9% during the quarter. The decrease in consolidated comparable-store sales compares favorably to the company’s previous projection for sales declines in the low double digits.

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