BENSALEM, PA-Charming Shoppes, the owner of the plus-sized Lane Bryant and Fashion Bug chains, posted an $8.6-million loss during its second quarter. Management expressed its frustration that turnaround efforts weren't working more quickly during a conference call describing the financial period.
"At the end of the day, I was pissed with these results," said Jim Fogarty, the retailer's president and chief executive officer. "We must walk and chew gum at the same time. We will and must do better."
Along with the loss, net sales for the retailer decreased 1.8% from the same year-ago period, dropping to $517.6 million. Same-store sales at Charming Shoppes, which also owns Catherines plus-sized chain, crept up 1% year over year.
Among the merchandise areas that didn't sell were non-core seasonal tops and bottoms. The company was also hurt by heavy discounting in the apparel arena, executives said.
Earlier this year, management announced plans to close 100 to 120 stores and is still on track to hit that number if it cannot reach lease negotiations with landlords. The company currently operates 849 Lane Bryants, 779 Fashion Bugs and 480 Catherines Units.
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