By  on April 27, 2007

Specialty retailer Charlotte Russe Holding Inc. reported on Thursday an upswing in second-quarter earnings after recording a loss in the comparable year-ago period.

For the three months ended March 31, earnings reached $3.8 million, or 15 cents a diluted share, which compares with a loss of $12.1 million, or 49 cents a share, in the year-ago period. The year-ago results reflected $2 million of net income associated with adjustments to gift card liabilities and the addition of the post-Christmas sales week. Sales at the mall-based retailer rose 4.8 percent in the quarter, to $161.1 million from $153.7 million in the prior year, while total same-store sales gained 4.8 percent.

For the six months, earnings jumped to $17.7 million, or 70 cents a diluted share, which compares with a loss of $5 million, or 20 cents, a share last year. Sales climbed 11.5 percent, to $370.3 million from $332.2 million.

"During the second quarter, our fashion and trend-right spring assortments presented coordinated colors across apparel and accessory categories," Mark Hoffman, chief executive officer, said in a statement. "The strong customer response builds our confidence in the spring season selling. With our fashion content on target and new receipts arriving at stores, I believe we are well positioned for the balance of the third quarter."

The retailer said it expected third-quarter earnings in the range of 41 cents to 44 cents a diluted share.

Charlotte Russe, which has 395 stores in the U.S. and Puerto Rico, plans to open at least 50 units during the year.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus