Charming Shoppes Inc. expects to post a loss of 35 to 37 cents per share for the third quarter, down from a prior estimate of nine cents to 11 cents per share.
Last year, the Bensalem, PA form posted a loss of 1 cent per share.
The direct marketer and retailer expects to report net sales in the range of $535 to $545 million for the quarter that ends Nov. 3, compared to net sales of $599.7 million in the prior year.
“We are today announcing a material revision to our sales and earnings outlook as a result of a series of decisive actions we are taking in response to the increasingly challenging environment in which we are currently operating,” said Alan Rosskamm, interim chief executive officer and chairman, in a statement. “Third quarter-to-date, we are experiencing sales performance which is considerably lower than planned.
The company will release its third quarter earnings on Nov.25.
Network
