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Charlotte Russe reports same store sales declines 0.9%

Jul '05
San Diego based growing mall-based fashion retailer of Charlotte Russe Holding Inc reported financial results for the third quarter of fiscal 2005 ended June 25, 2005.

Mark Hoffman, Chief Executive Officer, remarked: "As expected, this year's third quarter proved challenging because it was impacted by the earlier Easter, which shifted sales into the second quarter, and because of our strong comps last year.”

While the quarter started out slower than expected in April, it finished stronger in June for both chains. Sales benefited from our decision to accelerate the wall presentation of denim in our stores. At Charlotte Russe, the tops business improved into the back half of the third quarter as the assortment caught up with the bare embellished trends.

"At Rampage, as they had projected for some time, the success of the brand repositioning was evidenced by the return to positive comps during the months of May and June. With the positive momentum established during this past quarter, I look forward to continued comp increases from this chain in the coming months as they anniversary the downturn that occurred when they began the merchandise repositioning last August."

Mr. Hoffman continued: "Inventory levels at the quarter-end reflected the accelerated denim strategy with inventories at stores open for more than one year being up about 21 percent over last year's level. “

Excluding the denim categories and the elevation of retail price points at the Rampage stores, inventories were up less than 10 percent. Lastly, inventories at our distribution centers were higher this year to support the denim acceleration and new store openings.

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