US: Charlotte Russe names interim CEO as Q3 sales rise
Young women's fashion retailer Charlotte Russe Inc has named board member Leonard Mogil, formerly group executive vice president of Phillips-Van Heusen Corporation, as interim chief executive officer.
He replaces Mark Hoffman who has retired as chief executive officer and a director of the company, and will hold the post until a permanent CEO is found.
The San Diego based retailer also said today (21 July) that its third quarter sales rose 7.2% to $193.2m, from $180.3m in the same period last year, but that comparable store sales fell 6.5%.
Charlotte Russe, which operates 469 stores, added that earnings per share (EPS) for the third quarter were $0.31 per share, within its guidance range, compared to $0.40 per share last time.
"Given the difficult current macroeconomic environment and resultant pressure on consumer spending, we expect downward pressure on comparable store sales and earnings per share for the fourth quarter of fiscal 2008," the company said in a statement.
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