Charming Shoppes falls 7% after swinging to Q2 loss that misses Street estimates

Charming Shoppes Inc. (Nasdaq:CHRS) dropped 7.3% this morning as the specialty apparel retailer announced before the bell that it had swung to a wider-than-expected loss for the second quarter.
 
The Bensalem, Pa.-based firm reported a loss from continuing operations of $3.7 million, or $0.03 per share compared with income from continuing operations of $20.9 million, or $0.16 per share, for the same period last year.
 
Analysts had expected a loss of $0.01 per share.
 
The results include after-tax charges of $5.8 million, or $0.05 per share, related to the severance agreement between Charming Shoppes and its former CEO, and $3.5 million, or $0.03 per share, related to previously announced consolidation and streamlining initiatives.
 
Looking ahead, the firm expects to lose between $0.09 and $0.11 in the third quarter. Analysts were expecting a loss of $0.01 for that three-month period.
 
At mid-day, Charming Shoppes is at $5.21, down $0.41 from Tuesday's close. The stock has traded between $4.01 and $9.52 in the past year.
 
For detailed price information and news stories on Charming Shoppes, click CHRS.

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