Retailer Charlotte Russe Holding Inc on Wednesday reported a 2.3 per cent slip in fourth-quarter same-store sales and said it was disappointed with its weak back-to-school season.

Net sales for the fourth quarter increased 12 per cent to $138.3 million from $123.0m last year.

Operating income for the fourth quarter decreased 45 per cent to $5.2m, compared to $9.4m for the same quarter last year. Net income decreased 44 per cent to $3.2m from $5.7m for the same quarter last year.

Net sales for the 52 weeks of fiscal 2004 totalled $539.4m - an increase of 18 per cent from $456.6m last year. Comparable store sales slipped 0.4 per cent.

Net income for fiscal 2004 increased 39 per cent to $15.3m from $11.0m last time.

But diluted earnings per share increased 36 per cent for fiscal 2004 to 64 cents from 47 cents.

Mark Hoffman, chief executive officer said the results also reflected the "significant costs of repositioning Rampage during the quarter."