BENSALEM, Pa., June 23 /PRNewswire-FirstCall/ -- Charming Shoppes, Inc.,
(Nasdaq: CHRS), a leading multi-channel specialty apparel retailer and direct
marketer specializing in women's plus-size apparel, today held its 2005 Annual
Meeting of Shareholders at its Catherines Plus Sizes home office in Memphis,
At the meeting, shareholders approved the reelection of two directors,
Dorrit J. Bern and Alan Rosskamm, for a three-year term.
Dorrit J. Bern, CEO, President and Chairman of Charming Shoppes, Inc.,
reviewed the Company's performance during 2004. Bern said, "We made great
progress during 2004, with a 70% increase in net income. The majority of our
success was a direct result of focusing on our merchandise offerings at Lane
Bryant, and delivering assortments that met our customers' needs and
expectations. Other key areas of success during the year included strong
increases in our e-commerce business, and improved performance of our credit
portfolio, driven by lower delinquencies than a year ago. We saw solid
improvement in our gross margin of 160 basis points, driven primarily by
merchandise initiatives at Lane Bryant, as well as increases in direct
sourcing volumes and the consolidation of our distribution operations for our
Lane Bryant and Catherines brands.
"Additionally," Bern continued, "we began 2005 strongly, reporting record
earnings in our first quarter ended April 30, 2005. We also announced the
strategic acquisition of Crosstown Traders, Inc., which accelerates our growth
as a multi-channel retailer."
Dorrit J. Bern's presentation at the Company's annual shareholders meeting
is available at http://www.charmingshoppes.com/investors/manage/index.asp.
Concurrent with the Company's Annual Meeting, Kenneth S. Olshan retired as
a director, as he has reached the mandatory retirement age as prescribed in
the Company's by-laws. Ken has served as a director of Charming Shoppes since
The Company also announced that Charming Shoppes recently received its
corporate governance quotient (CGQ) analysis from Institutional Shareholder
Services (ISS), which stated that Charming Shoppes' CGQ outperformed 89.1% of
the companies in the Russell 3000 and 89.6% of the companies in the retailing
Charming Shoppes, Inc. operates 2,235 stores in 48 states under the names
LANE BRYANT(R), FASHION BUG(R), FASHION BUG PLUS(R), and CATHERINES PLUS
SIZES(R). Additionally, the following apparel, accessories, footwear and gift
catalogs are operated by Charming Shoppes' Crosstown Traders division: Old
Pueblo Traders, Bedford Fair Lifestyles, Bedford Fair Shoestyles, Willow
Ridge, Lew Magram, Brownstone Studio, Regalia, Intimate Appeal, Monterey Bay
Clothing Company, Coward Shoe and Figi's.
Please visit http://www.charmingshoppes.com for additional information
about Charming Shoppes, Inc.
This press release and the Company's presentation contain certain forward-
looking statements concerning the Company's acquisition of Crosstown Traders,
Inc. and its and the Company's operations, performance, and financial
condition. Such forward-looking statements are subject to various risks and
uncertainties that could cause actual results to differ materially from those
indicated. Such risks and uncertainties may include, but are not limited to:
failure to successfully integrate the operations of Crosstown Traders, Inc.
with Charming Shoppes, Inc., the failure to implement the Company's business
plan for increased profitability and growth in the plus-size women's apparel
business, the failure to successfully implement the Company's business plan
for Crosstown Traders, Inc., changes in or miscalculation of fashion trends,
extreme or unseasonable weather conditions, economic downturns, a weakness in
overall consumer demand, failure to find suitable store locations, the ability
to hire and train associates, trade restrictions and political or financial
instability in countries where goods are manufactured, the interruption of
merchandise flow to the Company's retail stores from its centralized
distribution facilities, competitive pressures, and the adverse effects of
acts or threats of war, terrorism, or other armed conflict on the United
States and international economies. These, and other risks and uncertainties,
are detailed in the Company's filings with the Securities and Exchange
Commission, including the Company's Annual Report on Form 10-K for the fiscal
year ended January 29, 2005 and other Company filings with the Securities and
Exchange Commission. Charming Shoppes assumes no duty to update or revise its
forward-looking statements even if experience or future changes make it clear
that any projected results expressed or implied therein will not be realized.
SOURCE Charming Shoppes, Inc.
CONTACT: Gayle M. Coolick, Director of Investor Relations, Charming Shoppes, +1-215-638-6955