Charlotte Russe swings to Q2 loss on lower margins

17 Apr '09

4 min read

“While we are encouraged by the progress we are making, we recognize the environment makes our task particularly challenging. We are remaining focused on our core strategies and are committed to maintaining financial discipline. We expect to build momentum in the coming quarters and look forward to generating further improvement during the remainder of the year. We're in a strong financial position, with $51 million of cash and no debt, affording us the financial flexibility to pursue our plans and create long-term shareholder value.”

Outlook:
For the third quarter of fiscal 2009, the Company expects comparable store sales to be in the negative low-single to positive low-single digit range versus a comparable store sales decline of 6.5% in the third quarter of fiscal 2008. Non-GAAP diluted earnings per share are expected to be in the range of $0.17 to $0.27, exclusive of anticipated charges related to proxy solicitation, management transition and severance, as well as the review of strategic alternatives and subsequent sale process. This compares to diluted earnings per share of $0.31 in the prior year period.

Charlotte Russe Holding Inc

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