Edward M. Krell is stepping down as chief executive of Destination Maternity "to pursue other opportunities," the Philadelphia-based apparel retailer announced on Monday. Krell, 52, will be succeeded by Anthony M. Romano, a member of Destination Maternity's board. The change comes after the company's July 25 announcement that it had dropped its bid to acquire Mothercare, a British retailer of maternity and children's products. Mothercare's board rebuffed two offers.
Anthony M. Romano
Bensalem, Pa. -- Charming Shoppes reported Friday that net income for the first quarter plummeted 31.7% to $17.8 million, from $26 million in the year-ago period. Sales dropped 4.6% to $481.3 million, largely due to the shuttering of 157 stores. E-commerce was a strength in the quarter, up 18% over the prior-year period. Same-store sales were flat in the first quarter, including a 1% comparable-store sales increase for Lane Bryant, a 5% comparable-store sales increase for Catherines, and a 3% comparable-store sales decrease for Fashion Bug. “Our gross margins continued to be impacted by increases in product costs compared
Charming Shoppes recorded a wider-than-expected loss for its fourth quarter as higher product costs and discounts at its Lane Bryant division cut into margins. The chain said it plans to close up to 105 underperforming stores this year.
Charming Shoppes said it would close 240 unprofitable stores in 2011, or nearly 12 percent of its total outlets. More than half of those closures would be Fashion Bug stores. The locations were not disclosed.
Bensalem, Pa. -- Charming Shoppes said Thursday it recorded a net loss on a GAAP basis of $30.4 million for the quarter ended Jan. 29, compared with a loss of $28 million a year earlier. The company also announced the announced the appointment of Anthony M. Romano, COO and acting CEO, as president and CEO. Total net sales increased 7% to $575.8 million for the fourth quarter ended Jan. 29, compared with $539.0 million for the prior year period. Same-store sales for the fourth quarter increased 9%, including an 11% increase at Lane Bryant; e-commerce sales increased 41%. The
Charming Shoppes said Thursday that James P. Fogarty has stepped down as the company's CEO and has resigned from its board of directors.Anthony M. Romano, executive VP global sourcing and business transformation, has been promoted to COO and will oversee day-to-day operations until a new CEO is named. Michael Blitzer of corporate advisory firm Portsmouth Partners, LLC, will be joining the board and will serve as a consultant as the retailer searches for and transitions to a new chief executive.Charming Shoppes operates 2,094 retail stores nationwide under the banners Lane Bryant, Cacique, Fashion Bug and Catherines Plus Sizes.