Private equity firm Apollo Global Management will take Rackspace private in the all-cash deal.
E-commerce sales were brisk, but total sales fell in the first quarter.
E-commerce sales were brisk, but total sales fell in the first quarter for women’s apparel retailer Charming Shoppes Inc.
For the first quarter ended May 1, Charming Shoppes, No. 128 in the Internet Retailer Top 500 Guide, posted:
- An increase in web sales of 35.6% to $31.6 million from $23.3 million in the prior year.
- Total sales decreased 6.2% to $504.8 million from $538.1 million in the first quarter of 2009.
- Comparable-store sales declined 2%.
- Catalog sales declined 34.5% to $12.7 million from $19.4 million in the first quarter of 2009.
- Net income was $3.9 million compared with a net loss of $6.6 million in the prior year.
“Our capital base and liquidity profile remain solid,” says CEO Jim Fogarty. “During the quarter, we began to make progress in our efforts to stabilize and begin to grow our business.”
Internet Retailer calculates the Internet accounted for 6.3% of total sales compared with 4.3% in the first quarter of 2009.