CHARMING SHOPPES INC

CIK:0000019353|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Apr. 28, 2012	Apr. 30, 2011
Income Statement [Abstract]
Net sales	$ 481,263	$ 504,353
Cost of goods sold	219,529	219,032
Gross profit	261,734	285,321
Occupancy and buying expenses	81,344	89,411
Selling, general, and administrative expenses	137,779	154,587
Depreciation and amortization	14,208	14,408
Gain from sale of office premises	0	(5,185)
Restructuring and other charges	1,027	47
Total operating expenses	234,358	253,268
Income/(loss) from operations	27,376	32,053
Other income	348	141
Interest expense	(3,140)	(3,776)
Income/(loss) before income taxes	24,584	28,418
Income tax provision/(benefit)	6,812	2,380
Net income/(loss)	$ 17,772	$ 26,038
Basic net income per share:
Basic net income/(loss) per share	$ 0.15	$ 0.22
Diluted net income per share:
Diluted net income/(loss) per share	$ 0.15	$ 0.22

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Apr. 28, 2012	Apr. 30, 2011
Statement of Cash Flows [Abstract]
Net income/(loss)	$ 17,772	$ 26,038
Adjustments to reconcile net income/(loss) to net cash provided/(used) by operating activities [Abstract]
Depreciation and amortization	14,447	15,099
Stock-based compensation	1,351	1,031
Accretion of discount on 1.125% Senior Convertible Notes	1,827	1,700
Deferred income taxes	813	886
Write-down of capital assets due to restructuring	0	558
Net (gain)/loss from disposition of capital assets	69	(5,157)
Changes in operating assets and liabilities [Abstract]
Accounts receivable, net	27,803	26,390
Merchandise inventories	(20,890)	(22,467)
Accounts payable	23,187	29,901
Prepayments and other	3,550	(4,280)
Accrued expenses and other	(9,676)	(2,355)
Net cash provided/(used) by operating activities	60,253	67,344
Net cash used by investing activities
Investment in capital assets	(13,128)	(8,888)
Proceeds from sales of capital assets	0	7,521
(Increase)/decrease in other assets	(24)	(594)
Net cash used by investing activities	(13,152)	(1,961)
Net cash used by financing activities [Abstract]
Repayments of long-term borrowings	(1,389)	(1,611)
Issuance of common stock under employee stock plans, net of amounts withheld for payroll taxes	(233)	(851)
Net cash used by financing activities	(1,622)	(2,462)
Increase/(decrease) in cash and cash equivalents	45,479	62,921
Cash and cash equivalents, beginning of period	168,607	117,482
Cash and cash equivalents, end of period	$ 214,086	$ 180,403

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Apr. 28, 2012	Jan. 28, 2012
Current assets
Cash and cash equivalents	$ 214,086	$ 168,607
Accounts receivable, net of allowances of $6,413 and $5,688	11,576	39,379
Merchandise inventories	278,070	257,180
Deferred taxes	3,570	3,570
Prepayments and other	87,033	90,583
Total current assets	594,335	559,319
Property, equipment, and leasehold improvements - at cost	1,003,682	1,020,334
Less accumulated depreciation and amortization	776,566	790,969
Net property, equipment, and leasehold improvements	227,116	229,365
Trademarks, tradenames, and internet domain names	187,132	187,132
Goodwill	23,436	23,436
Other assets	18,846	18,674
Total assets	1,050,865	1,017,926
Current liabilities
Accounts payable	134,817	111,630
Accrued expenses	134,467	145,667
Current portion - long-term debt	4,050	4,682
Total current liabilities	273,334	261,979
Deferred taxes	56,339	55,526
Other non-current liabilities	150,647	149,836
Long-term debt, net of debt discount of $15,863 and $17,690	134,709	133,639
Stockholders' equity
Issued – 155,442,947 shares and 155,211,278 shares	15,544	15,521
Additional paid-in capital	514,200	513,105
Treasury stock at cost - 38,617,180 shares	(348,400)	(348,400)
Retained earnings	254,492	236,720
Total stockholders' equity	435,836	416,946
Total liabilities and stockholders' equity	$ 1,050,865	$ 1,017,926