– A CHARMED AGREEMENT: Charming Shoppes Inc. said on Thursday it reached an agreement to end its proxy battle with activist shareholders Crescendo Partners and Myca Partners. The specialty retailer will nominate the following individuals to its board: two of management’s nominees, Dorrit J. Bern, chairman, and Alan Rosskamm, the company’s president and chief executive officer; two of the committee’s nominees, Arnaud Ajdler and Michael C. Appel, and two retail executives, Richard W. Bennet 3rd, former vice chairman of May Department Stores Co., and Michael Goldstein, former chairman and ceo of Toys ‘R’ Us Inc. Both the company and committee agreed to vote their shares in favor of these nominees and all of the proposals to be presented at the company’s annual meeting.
This story first appeared in the May 9, 2008 issue of WWD. Subscribe Today.
– TRUE RELIGION UP: Premium denim brand True Religion Apparel Inc. on Thursday reported a 34.7 percent jump in first-quarter income to $6.9 million, or 29 cents a diluted share, from $5.2 million, or 22 cents, in the same year-ago period. Sales for the quarter soared 47.4 percent to $53.4 million from $36.2 million. During the quarter, the company exceeded its expectations for the domestic wholesale business and improved international performance. Management raised full-year earnings guidance in the range of $1.52 to $1.56 a share, compared with previous expectations of $1.48 to $1.52. The updated guidance is a result of an increase in its expected share count and a reduced effective tax rate.