Charming Shoppes Inc. reports 65 percent increase

Charming Shoppes Inc., Bensalem, Pa., has reported a 65 percent increase in net income for the fiscal year 2004, ended January 29, 2005, to $67,242,000, compared to $40,639,000 for fiscal 2003. Net sales increased two percent to $2,332,334,000, compared to $2,285,680,000 for the previous year. For the fourth quarter, net sales were $586,100,000, compared to $585,647,000 the same period in 2003. Net income decreased 45 percent, to $5,544,000 compared to $10,146,000 a year ago. However, fourth quarter figures for the period ending January 2004 reflected a favorable impact of approximately $5 million on general and administrative expenses, on a pre-tax basis. The company's Lane Bryant brand showed strong increases in both gross margin and operating margin, and contributed to much of the company's success, said chairman and CEO, Dorrit J. Bern. "We look forward to achieving additional successes during 2005, including our goals of continued expansion of margins and increased market share in women's plus apparel," he said. "We have the opportunity to build on the many successes we achieved during 2004, and to even further improve our execution on a day-to-day basis."