Charming Shoppes Hits Multi-Year Low During Pre-Market Trading Following Reduced Guidance

(RTTNews) - Charming Shoppes Inc. (CHRS | Quote | Chart | News | PowerRating) is dropping during pre-market trading on Friday following the release of updated guidance. At 9:11 am ET the stock is trading at $3.22 down $0.43 from Thursday's close.

With the decline, the stock stands to open below support and at its lowest level in over five and a half years.

Charming Shoppes announced that for the third quarter, now it expects loss from continuing operations to be in the range of $0.35 - $0.37 per share, compared to previous forecasted loss range of $0.09 - $0.11 per share.

The company expects net sales from continuing operations for the third quarter to be between $535 - $545 million.

For the fourth quarter, it now anticipates a comparable to slightly greater loss per share from continuing operations, as compared to the corresponding period of prior fiscal year. Previously, the company expected a narrower loss per share from continuing operations.

Analysts are looking for a loss of $0.10 per share and revenue of $561.12 million for the third quarter and a loss of $0.07 per share with revenue of $665.22 million for the fourth quarter.

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