NEW YORK — Lane Bryant provided an additional plus for its parent, Charming Shoppes, in the quarter.
For the three months ended Aug. 3, income for Charming Shoppes, based in Bensalem, Pa., skyrocketed 72 percent to $25.5 million, or 20 cents a diluted share, 2 cents ahead of consensus estimates and 72 percent above the $14.9 million, or 14 cents, posted in the year-ago quarter. Sales were up 59 percent to $638.3 million from $402.7 million. Results include sales from Lane Bryant, which was acquired on Aug. 16 last year. Comparable-store sales inched up 1 percent.
"The merchandising margin at all of our brands showed significant improvement, year over year, due to strong sell-through of summer product, as well as strong inventory management throughout the quarter," Dorrit Bern, chairman, president and chief executive officer, said during a conference call. "Also the addition of Lane Bryant to our portfolio of stores provided incremental earnings."
She said that LB sales were $227 million, with comps down 3 percent. Top sellers were tops, skirts and denim. The fall selling season began with just 7 percent carryover of summer merchandise.
Fashion Bug sales totaled $321 million, with comps up 4 percent. Accessories, shoes, and intimate apparel performed well with positive comps. Over at Catherine’s, sales were $90 million and comps were flat.
Todd Slater, analyst at Lazard Freres, wrote in a research update following the earnings release that "August and third quarter could be off to a bit of a slow start," noting that Charming is among many retailers who have noticed a slight sales slowdown since mid-July.
Slater wrote that, as the weather cools and sales reaccelerate against easy comps from a year ago, Charming should begin to benefit "meaningfully from improving comp-store sales and more favorable expense leveraging. We have a high degree of confidence in Charming’s ability to meet or exceed our current back-half of the year estimate, excluding the chance of a double-dip recession." He concluded that Charming is positioned to outperform most other retail names in the foreseeable future.
Bern reaffirmed earnings per share of 11 cents for the second half and EPS of 44 cents for the full year ending on Feb. 1, 2003.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
The psychedelic fashion that pervaded the ’60s is back with an exhibit at the @museumofcityny. “Mode New York: Fashion Takes a Trip” chronicles the changing styles from 1960 through 1973 and features designers such as @ysl, @oscardelarenta and more. The exhibition, which is on display through April 1, is organized into four periods: First Lady Fasion, Youthquake, New Bohemia and New Nonchalance. Pictured here is model Pat Bardonella during the Garvey Day Parade in 1968. (📷: @kwamebphoto) #wwdeye #wwdfashion
“People should be a lot more honest in expressing both the dark and light of themselves. We need to give each other the space to do that because it’s the only way we can grow and evolve,” says @noelwells of her new film “Mr. Roosevelt,” which is largely based on her own struggles. Unexpectedly leaving @nbcsnl in 2014 after just one season, Wells felt set back in her self-esteem and career trajectory. She quickly refocused her energy to more personal projects, which led to the completion of “Mr. Roosevelt.” Read the rest of WWD’s interview with the “Master of None” actress on WWD.com #wwdeye (📷: @jilliansollazzo)
@barbrastreisand is giving fans a chance to see her perform up close in a new concert series, which makes its debut on @Netflix today. From behind-the-scenes takes to her concert performance in Miami last December, the two-hour streaming special captures Streisand in her element. Pictured here is the singer/actress photographed for WWD in 1963. (📷: Palmieri Tony) #wwdeye #wwdarchive
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)