UPDATE 1-Charming Shoppes Q1 profit matches Wall Street view

* Q1 EPS $0.03 in line with est

* Sales fall 6 pct

* Same-store sales fall 2 pct

* Gross margins improve 140 basis points June 3 (BestGrowthStock) –
Charming Shoppes Inc (CHRS.O: ) reported a quarterly profit in
line with market estimates, as the women’s plus-size apparel
retailer continued to cut costs to offset lower sales at stores
open more than a year. For the first quarter ended May 1,
Charming Shoppes earned $3.9 million, or 3 cents a share,
compared with a net loss of $6.6 million, or 6 cents a share, a
year ago.

Analysts on average had expected a profit of 3 cents a
share, according to Thomson Reuters I/B/E/S.

Net sales fell 6 percent to $504.8 million, marginally
higher than analysts’ estimates of $503.7 million. Same-store
sales fell 2 percent.

But gross margin improved 140 basis points to 54.8 percent
of sales, as a result of expense reductions.

Charming Shoppes has been forced to slash costs and close
underperforming stores to counter a protracted slump in sales
over the past two years.

Shares of the Bensalem, Pennsylvania-based retailer closed
at $4.45 Wednesday on Nasdaq.

Stock Market Analysis

(Reporting by Viraj Nair in Bangalore; Editing by Don

UPDATE 1-Charming Shoppes Q1 profit matches Wall Street view