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Charlotte Russe reports same store sales declines 0.9%
21 Jul '05
5 min read
Based on these factors, inventories continue to be in good shape. The remaining assortments for the Back-to-School and Fall business will be arriving in the stores during the second half of July.“
"While I am encouraged by the improving prospects for the coming months, they still need to see continued strength of regular price selling, especially from our apparel categories. Therefore, assuming no significant change in the overall retailing environment, they would guide investors to expect mid single- digit positive comparable store sales in the fourth quarter ending September 2005 with diluted earnings per share of 16 to 20 cents, compared to 13 cents last year.“
"In terms of the company's financial position, they ended June 2005 with $33.8 million of cash on the balance sheet after having spent $30.2 million for capital expenditures through the first three quarters of fiscal 2005. They expect to open 50 new stores during fiscal 2005; and, for fiscal 2006 which ends in September 2006, they are targeting 35 new store openings for the Charlotte Russe chain," the Chief Executive concluded.
Financial Results:
Net sales for the third quarter increased 10.4 percent to $146.9 million from $133.0 million for the third quarter last year. Comparable store sales decreased 0.9 percent during the quarter, compared to an increase of 7.1 percent for the third quarter of fiscal 2004.
Net sales for the first 39 weeks of fiscal 2005 were $423.8 million, an increase of 5.7 percent from $401.1 million for the same period last year. Comparable store sales decreased 4.8 percent during the 39-week period, compared to a decrease of 0.3 percent that was reported for the same period last year.
"While I am encouraged by the improving prospects for the coming months, they still need to see continued strength of regular price selling, especially from our apparel categories. Therefore, assuming no significant change in the overall retailing environment, they would guide investors to expect mid single- digit positive comparable store sales in the fourth quarter ending September 2005 with diluted earnings per share of 16 to 20 cents, compared to 13 cents last year.“
"In terms of the company's financial position, they ended June 2005 with $33.8 million of cash on the balance sheet after having spent $30.2 million for capital expenditures through the first three quarters of fiscal 2005. They expect to open 50 new stores during fiscal 2005; and, for fiscal 2006 which ends in September 2006, they are targeting 35 new store openings for the Charlotte Russe chain," the Chief Executive concluded.
Financial Results:
Net sales for the third quarter increased 10.4 percent to $146.9 million from $133.0 million for the third quarter last year. Comparable store sales decreased 0.9 percent during the quarter, compared to an increase of 7.1 percent for the third quarter of fiscal 2004.
Net sales for the first 39 weeks of fiscal 2005 were $423.8 million, an increase of 5.7 percent from $401.1 million for the same period last year. Comparable store sales decreased 4.8 percent during the 39-week period, compared to a decrease of 0.3 percent that was reported for the same period last year.
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