US: Charlotte Russe Q1 sales leap 34%
Growing value retailer Charlotte Russe said first-quarter net sales jumped 34% as the company continued to focus on reclaiming its market share.
Quarterly same-store sales were up 15.6%, exceeding guidance given in November.
Based on these sales results, the company currently expects diluted earnings-per-share in the first quarter to range from $0.28 to $0.30 subject to quarter-end adjustments.
This compares to the previous guidance on November 4th of a range from $0.17 to $0.21 per share.
Chief executive Mark Hoffman commented: "Earnings were significantly better than guided; however, we would remind investors to consider how depressed business was last year when making comparisons.
"Looking at the second quarter 2006, it is important to remember that this quarter is traditionally our toughest quarter for earnings potential. We expect to see continued pressure from the highly promotional environment and our strategies to recover market share."
Hoffman said the company was currently expecting a loss during the second quarter equating to or edging above the 3% loss of last year.
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