US: Charming Shoppes expects 11-13% FY sales growth
Women's plus-size apparel company Charming Shoppes has forecasted increased sales and earnings outlook for the upcoming financial year.
During the 2007 financial year, the company wants to drive growth in revenues and profits, and to increase shareholder value over the next three to four years.
Charming Shoppes has projected total sales of approximately US$3.05 to $3.10bn, an increase of approximately 11% - 13% compared to sales of approximately $2.75bn for the financial year ended January 2006.
The company's plans include growth of the Lane Bryant brand and expansion of its own intimate apparel brand, called Cacique, to be sold through a new Lane Bryant store concept. It also plans to enter the outlet channel through Lane Bryant Outlet during July and August 2006, with the opening of approximately 75 to 80 outlet stores in locations acquired through the assumption of store leases from Retail Brand Alliance.
For the first quarter ending on 29 April 2006, Charming Shoppes forecasts diluted earnings per share in the range of $0.23 - $0.25. For the corresponding period ended 30 April 30 2005, which included record net income for the first quarter, diluted earnings per share were also at $0.23.
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