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'We will continue to carefully manage inventories' - CHIC CEO
09 Apr '09
4 min read
Outlook
For the third quarter of fiscal 2009, the Company expects comparable store sales to be in the negative low-single digit 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 $0.271, exclusive of anticipated cash 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.
Update on Sale Process
On January 21, 2009, Charlotte Russe announced that it was engaged in a process to evaluate strategic alternatives, including a possible sale of the Company. Charlotte Russe's financial advisor, Cowen and Company, LLC, has initiated a sale process as part of that strategic review. The Company reported today that it is encouraged by the progress of the ongoing sale process, including the level of interest from potential buyers.
For the third quarter of fiscal 2009, the Company expects comparable store sales to be in the negative low-single digit 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 $0.271, exclusive of anticipated cash 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.
Update on Sale Process
On January 21, 2009, Charlotte Russe announced that it was engaged in a process to evaluate strategic alternatives, including a possible sale of the Company. Charlotte Russe's financial advisor, Cowen and Company, LLC, has initiated a sale process as part of that strategic review. The Company reported today that it is encouraged by the progress of the ongoing sale process, including the level of interest from potential buyers.
Charlotte Russe Holding Inc
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