The Top 500 retailer buys Campus Deals, which offers mobile coupons to college students.
Total Q3 sales flat line for Charming Shoppes, but the web shines
Total sales grew just 0.7%, but online sales increased 40.1%
Total sales were flat for Charming Shoppes Inc. in the third quarter but e-commerce shined.
For the third quarter ended Oct. 30, Charming Shoppes, No. 128 in the Internet Retailer Top 500 Guide, reported
- Web sales increased 40.1% to $30.4 million from $21.7 million in the third quarter of 2009.
- Total sales grew year over year 0.7% to $463.6 million from $460.2 million.
- Comparable-store sales increased 3%.
- Net loss was $18.8 million compared with a net loss of $48.4 million in the third quarter of 2009.
Internet Retailer calculates the web accounted for 6.6% of total sales compared with 4.7% in the prior year.
“We experienced increases in our total and comparable-store sales performance, while increasing our gross margin 60 basis points during the period,” says chief operating officer Anthony M. Romano. “Our strong and competitive promotional activity drove improved traffic, especially later in the quarter. Additionally, our online businesses continued to perform strongly, driving a 40% increase in e-commerce sales for the quarter."
On Oct. 15, James P. Fogarty left his job as CEO of Charming Shoppes and resigned his position on the board of directors. The search for a new CEO is under way.
For the first three quarters Charming Shoppes reported:
- Web sales increased 37.3% to $92.4 million from $67.3 million in the first three quarters of 2009.
- Total sales decreased year over year 2.6% to $1.48 billion from $1.52 billion.
- Comparable-store sales increased 1%.
- Net loss was $23.6 million compared with a net loss of $49.9 million in the first three quarters of 2009.
Internet Retailer calculates the web accounted for 6.2% of total sales compared with 4.4% in the prior year.