US: Charlotte Russe Q2 profit up 11%
Fashion retailer Charlotte Russe Holding Inc has posted a 10.6% rise in second quarter profit, helped by higher sales and a favourable tax expense adjustment.
However, the San Diego-based retailer, which sells value-priced apparel and accessories to young women in their teens and twenties, said it continues to remain cautious in the current retail climate and maintained previous guidance.
Net income for the second quarter rose to $4.2m or $0.17 per share, from $3.8m or $0.15 per share for the same quarter last year.
Net sales in the three months to 29 March were up 14.9% to $185.1m from $161.1m, with same-store sales increasing 2.5%.
The company said the results include a favourable tax expense adjustment of $0.8m, or $0.03 per share.
For the six-month period, profit rose 2.8% to $18.2m or $0.73 per share, from $17.7m or $0.70 per share in the prior-year period.
First-half net sales increased 14.3% to $423.3m and comparable store sales were up 1.9%.
Mark Hoffman, chief executive officer, said the company was maintaining its previous guidance range of a flat to low single digit comparable store sales decline for the third quarter.
Earnings per share are expected to be in the range of $0.31 to $0.34 for the third quarter, compared with $0.40 per share for the third quarter last year.
Charlotte Russe operates 448 stores and expects to open 60 new stores in fiscal 2008.
As part of a number of senior management changes at fashion chain Charlotte Russe Inc, chief executive officer Len Mogil is to take on the additional position of interim chief financial officer follow...
Third quarter profit at Charlotte Russe Holding Inc has fallen 34.6% on lower sales, but the value-priced teen apparel retailer managed to deliver earnings at the low end of its guidance....
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