USA: Charlotte Russe Posts Fall In Same-Store Sales

Leading US specialty retailer of value-priced apparel and accessories for young women, Charlotte Russe Holding Inc, on Thursday posted a 20 per cent jump in net sales to $111.9 million for the first quarter of fiscal 2002. However, comparable store sales fell 12.1 per cent during the quarter ended December 29, compared to a rise of 3.7 per cent for the first quarter of fiscal 2001. Operating income for the period dropped nine per cent to $12.3m from $13.6m, while net income fell eight per cent to $7.4m from the same quarter last year.