4Q Loss for Charming Shoppes
Women’s apparel cataloger/retailer Charming Shoppes reported a fourth-quarter net loss of $23.0 million compared to net income of $24.9 million for the fourth quarter last year. Net sales fell 10%, to $784.9 million from $874.0 million. For the quarter ended Feb. 2, direct marketing sales were up—barely–at $149 million compared to $148.2 million. Same-store sales were down 9%.
For fiscal 2008, Charming’s net income was $18 million, considerably less than net income of $108.9 million in fiscal 2007. Net sales slipped to $2.60 billion, from $2.64 billion last year. Same-store sales for retail brands fell 5%. Net sales for the direct-to-consumer segment decreased 5%, to $408.1 million from $427.8 million.
Store officials said they plan to trim the capital budget by 30%, or $40 million, for fiscal 2009, primarily through a 50% reduction in the number of planned store openings as compared to fiscal 2008; the closing of about 150 underperforming stores, including some 100 Fashion Bug stores, and shuttering the Petite Sophisticate full-line retail concept.
Direct Sales Inch Up at Delia’s
Fourth-quarter sales at New York-based cataloger/retailer Delia’s increased 3.8%, to $92.8 million for the three months ended Feb. 2. Net income fell nearly 12%, to $6.0 million compared to $6.8 million the previous fourth quarter.
Sales for the direct segment–the catalogs and Websites of teen girls’ apparel brands Delia’s and Alloy and extreme-sports gear merchant CCS— increased slightly to $61.0 million from $60.8 million. Same-store sales increased 6%. Total retail sales rose 11.2%, to $31.7 million from $28.5 million.
For the fiscal year, Delia’s total sales increased 6.5%, to $274.3 million from $257.6 million in fiscal 2006. Net loss for the year was $2.3 million compared to net income of $5.8 million in fiscal 2006. Direct sales for the year rose 1.5%, to $176.2 million compared to $173.5 million in fiscal 2006. Same-store sales for the retail segment increased 4%, and overall retail sales were up nearly 17%, to $98.1 million.
4Q, FY Sales Up for Tiffany
What recession? Upscale jeweler Tiffany & Co. grew its sales for the fourth quarter and fiscal year by 10% and 15%, respectively. For the fourth quarter ended Jan. 31, sales rose 10%, to $1.05 billion while fiscal year sales increased 15%, to $2.93 billion.
Although Tiffany’s catalog and Web sales for the fourth quarter fell 1%, to $77.3 million, for the fiscal year direct sales rose 5%, to $182.1 million, up from $174.1 million. Fourth-quarter net income fell 16%, to $118.2 million from $140.5 million. For the year, however, net income rose 20%, to $303.7 million.