Charlotte Russe plans to open 60 new stores for fiscal 2008
15 Nov '07
3 min read
Charlotte Russe Holding Inc reported financial results for the fourth quarter of fiscal 2007 ended September 29, 2007.
For the fourth quarter ended September 29, 2007: • Sales rose 0.9% to $190.3 million. Comparable store sales for the period decreased 5.3%. • Diluted EPS from continuing operations were $0.33 as compared to $0.51 for the fourth quarter last year.
For the year ended September 29, 2007: • Sales rose 8.7% to $740.9 million. Comparable store sales for the period increased 0.5%. • Comparable store sales increased 2.5% year-to-date through the first three quarters of fiscal 2007. Combined with the 5.3% comparable store sales decline in the fourth quarter, comparable store sales for fiscal year 2007 increased 0.5%. • Diluted EPS from continuing operations were $1.43 as compared to $1.50 last year.
New store openings: • The Company opened 24 new Charlotte Russe stores in the fourth quarter for a total of 50 new stores for fiscal 2007. • The cash balance at year end totaled $68.2 million. • The target for fiscal 2008 is to open approximately 60 new stores.
Mark Hoffman, Chief Executive Officer, remarked: "The weakening consumer spend and traffic in our stores that began in June continued through July. While we experienced an improved trend in both August and September, it was not enough to offset the slow start to the quarter.
As a result, comparable store sales were down 5.3% forthe fourth quarter. Earnings per share for the fourth quarter were 33 cents, only slightly below our guidance range due to focused inventory management and cost control."
marketing@alchempro.com
