Charming Shoppes Inc. posted net income of $26.3 million for the first quarter, a decrease from net income of $32.1 million in the prior year.
The cataloger and retailer attributed these results to margin erosion stemming from “promotional pricing following unseasonable and unfavorable weather trends during the quarter.”
The Bensalem, PA firm reported net sales of $784.7 million for the quarter ended May 5, a 7% increase over net sales of $734.9 million last year.
The firm posted direct marketing sales of $98.4 million for the quarter, an 8% drop from $107.4 million in the prior year.
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