Charlotte Russe Holding Inc has commenced a search for a new chief financial officer after saying Wednesday (6 December) that Daniel T Carter, executive vice president and CFO, intends to leave the firm by the middle of next year to pursue other professional opportunities.

Carter joined the company in 1998 in his current capacity following a year as CFO of Advanced Marketing Services, a book wholesaler with close ties to Costco and Sam's Club. Prior to that he spent 11 years with The Price Co.

In a statement, Carter stated: "Personally, I enjoyed the process of helping to build a successful regional operator into a national retail business and the opportunity to participate in the public offerings.

"I feel that the time has come for me to pursue opportunities in the private sector that are similar to what Charlotte Russe was in 1998. In the meantime, I intend to support the need for a professional and appropriate succession plan and to continue to serve the company through the end of the third quarter of fiscal 2007."

The San Diego, California-based juniors retailer made the announcement as it reaffirmed its previous guidance of low-single-digit comparable store sales increases during the first two quarters of fiscal 2007, ending next March, with combined diluted earnings per share for continuing operations of between 64 and 70 cents. Between 54 and 57 cents of that amount is expected in the first quarter, which ends at the conclusion of this month.

As of 30 Nov., Charlotte Ruse Holding operated 392 specialty stores carrying junior apparel and accessories. It plans to open at least 50 units during the current fiscal year.

By Arnold Karr.