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Charlotte Russe plans to open 60 new stores in fiscal 08

24
Apr '08
Charlotte Russe Holding Inc, a growing mall-based specialty retailer of fashionable, value-priced apparel and accessories targeting young women in their teens and twenties, reported financial results for the second quarter of fiscal 2008 ended March 29, 2008.

For the second quarter ended March 29, 2008:
• Net sales for the second quarter increased 14.9% to $185.1 million from $161.1 million for the second quarter last year. • Comparable store sales increased 2.5% during the quarter.
• Operating income for the second quarter was $4.5 million as compared to $4.2 million for the same quarter last year, an increase of 6.1%.
• Included in the second quarter results is a favorable tax expense adjustment of approximately $0.8 million, or $0.03 per share. The adjustment includes the reversal of a prior year tax accrual and the impact of a lower effective tax rate for the first quarter of fiscal 2008.
• Net income for the second quarter was $4.2 million as compared to $3.8 million for the same quarter last year, an increase of 10.6%. Diluted earnings per share from operations for the second quarter were $0.17 as compared to $0.15 for the same quarter last year.

For the six months ended March 29, 2008:
• Net sales for the first six months of fiscal 2008 increased 14.3% to $423.3 million from $370.3 million for the same period last year. Comparable store sales increased 1.9% for the six month period.
• Operating income for the first six months of fiscal 2008 was $26.6 million as compared to $26.0 million for the same period last year, an increase of 2.3%.
• Net income for the first six months of fiscal 2008 was $18.2 million as compared to $17.7 million for the same period last year, an increase of 2.8%. Diluted earnings per share for the first six months of fiscal 2008 were $0.73 as compared to $0.70 for the same period last year.


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