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Charming Shoppes web sales grow 38% in 2010
The multichannel retailer of plus-sized apparel also appoints a new CEO.
Associate Director of Research
Topics: ann taylor inc., Charming Shoppes, Charming Shoppes Inc., e-commerce sales, fourth quarter, plus-sized apparel retailer, Q4, Q4 2010, Q4 earnings, Q4 financials, q4 sales, Q4 web sales, Top 500, web sales
E-commerce sales jumped in the fourth quarter and full-year 2010 for Charming Shoppes Inc., a plus-sized apparel retailer whose brands include LaneBryant.com, FashionBug.com, Catherines.com and Cacique.com.
For the fiscal year ending Jan. 29, Charming Shoppes, No. 128 in Internet Retailer’s Top 500 Guide, posted:
- Web sales at $131.4 million, a 38.2% increase over $95.1 million in 2009.
- Net sales dropped $2.8 million, or 0.1%, to $2.062 billion, compared with $2.065 billion in the prior year.
- Comparable-store sales grew 3%, versus a comparable-store sales decrease of 13% in 2009.
Based on Internet Retailer calculations, web sales comprised 6.4% of total sales in fiscal 2010, up from 4.6% in 2009.
For the fourth quarter the retailer also reported:
- About a 41% jump in e-commerce sales, from $27.8 million in Q4 2009 to $39.0 million.
- Net sales increased 6.8% to $575.8 million, compared with $539.0 million in the same period of the prior year.
- Comparable-store sales increased 9%, including an 11% increase at Lane Bryant.
Based on Internet Retailer calculations, web sales comprised 6.7% of total sales in the fourth quarter, compared with 5.2% in the prior year quarter.
The retailer also announced the appointment of Anthony Romano as president and CEO. Romano joined Charming Shoppes in October 2009 as vice president of global sourcing and business transformation, and was promoted to chief operating office in October 2010.
“Tony's extensive experience managing and working in the many facets of apparel retail operations, and especially his knowledge and familiarity with Charming Shoppes in its current business turnaround mode were key considerations in his appointment,” says board chairman Michael Goldstein. Prior to joining Charming Shoppes, Romano held several executive positions at Ann Taylor Inc., No. 122 in the Top 500 Guide.