For the year ended Jan. 31, web sales at plus size apparel retailer Charming Shoppes Inc. rose 14% to $156.4 million, up $19.4 million from $137 million a year earlier, the company says.
Total net sales from continuing operations for the fiscal year fell 9% to $2.47 billion from $2.72 billion a year earlier, down $250 million. Same-store sales for the retailer’s brands, which include Lane Bryant, Fashion Bug and Catherines, fell 12% compared to a same-store sales decrease of 5% a year earlier.
Web sales accounted for 6% of total sales for the fiscal year, compared to 5% a year earlier.
The company did not break out its fiscal Q4 web sales, but it did break out direct-to-consumer sales which include both its catalog and web sales. Direct-to-consumer sales for Q4 were up slightly to $96.7 million from $95.9 million a year earlier. Total sales for fiscal Q4 were $631.87 million, a 13.7% decrease from $731.82 million a year earlier. Same-store sales for fiscal Q4 fell 15% compared to 9% a year earlier.
On a GAAP (generally accepted accounting principles) basis, Charming Shoppes reported a fiscal year loss of $169.3 million compared with net income of $700,000 a year earlier. The retailer reported a fiscal Q4 GAAP loss of $108.5 million, compared with a loss of $44.9 million a year earlier.
The retailer projects $125 million in cost reductions over the next fiscal year. The company says that will come partly from previously announced layoffs and negotiating lower rents. “Buying expenses will benefit from changes in supply chain, including the frequency of store deliveries, as well as efficiencies in the company's distribution network,” says interim CEO Alan Rosskamm. “Where our rent reduction efforts are unsuccessful, we will consider closing the stores."
Charming Shoppes is No. 103 in the Internet Retailer Top 500 Guide.
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