Charming Shoppes Inc. reported net income of $19.2 million for the fourth quarter, up 294% from $4.9 million last year.
The direct marketer and retailer reported net sales of $799.6 million for the quarter ended Jan. 28, up 36% from $588 million last year.
“We are pleased to report strong year-over-year improvement for our fourth quarter,” said Dorrit J. Bern, CEO of the Bensalem. PA firm, in a statement. “In our direct-to-consumer segment, Crosstown Traders met our profit objectives during the quarter, delivering the accretive earnings anticipated in our operating plan.”
Last year, Charming Shoppes acquired Crosstown from JPMorgan Partners for $218 million in cash (Direct Newsline, May 20, 2005).