Charlotte Russe comparable store sales rise 1.3% in Q3
26 Jul '07
3 min read
Charlotte Russe Holding Inc, a growing mall-based specialty retailer of fashionable, value- priced apparel and accessories targeting young women in their teens and twenties reported financial results for the third quarter of fiscal 2007 ended June 30, 2007.
For the third quarter ended June 30, 2007: • Sales rose 12.2% to $180.3 million. Comparable store sales for the period increased 1.3%. • Diluted EPS from continuing operations were $0.40 as compared to $0.38 for the comparable prior year period. Included in the fiscal 2007 third quarter results was a $0.03 charge associated with a non-recurring point of sale (POS) system write-off. • Cash totaled $88 million, up from $66 million at the end of the third quarter last year.
New store openings: • The Company opened 26 new Charlotte Russe stores year-to-date and is scheduled to open approximately 24 additional stores in the fourth quarter for a total of at least 50 new stores for fiscal 2007. • The target for fiscal 2008 is to open at least 60 new stores and to complete the remodel of approximately 20 stores. This would bring the percent of the Company's fleet remodeled to the "brite store" format to over 60% as of fiscal 2008 year end.
Mark Hoffman, Chief Executive Officer, remarked: "We are pleased that we achieved our eighth consecutive quarter of positive comparable store sales growth. However, earnings per share for the quarter were slightly below our original expectations. While we continued to make progress on product level gross margin expansion, sales were below plan in June."
marketing@alchempro.com
