USA: Charlotte Russe Announces Record Results
Charlotte Russe, a rapidly growing specialty retailer of fashionable, value-priced apparel and accessories for young women, reported record results for the fourth quarter and fiscal year ended September 30, 2000, due mainly to the healthy performance of new stores together with steady financial returns from existing stores. These results also included an additional week of business as the 14-week fourth quarter ended on September 30, 2000.Chairman and CEO Bernard Zeichner said: "With approximately $40m of EBITDA in fiscal 2000, we were able to open 40 new stores and pay off the remaining $4.5m of bank debt after our initial public offering. During fiscal 2000, our business strengthened its national presence to 21 states with the opening of stores in six additional states including Rhode Island, Massachusetts, Tennessee, Virginia, Ohio and Colorado. "We look forward to opening a total of at least 40 additional Charlotte Russe and Rampage stores in fiscal 2001. Of these openings, 15 stores are expected to open during the first quarter alone."Net sales for the 14-week fourth quarter of fiscal 2000 were $76.4m, an increase of 50 per cent from $51.1m for the fourth quarter last year. Excluding the additional week of business, total sales increased 40 per cent for the comparable 13-week periods of both years. Comparable store sales during the 13-week period increased 1.5 per cent, compared to an increase of 6.3 per cent reported for the fourth quarter of fiscal 1999.
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