Charlotte Russe targets to open 60 new stores

24 Jan '08

3 min read

Charlotte Russe Holding Inc reported financial results for the first quarter of fiscal 2008 ended December 29, 2007.

For the first quarter ended December 29, 2007:
• Sales rose 13.9% to $238.2 million. Comparable store sales for the period increased 1.5%.
• Diluted EPS were $0.56 as compared to $0.55 for the first quarter last year.
• The cash balance at quarter end totaled $114.7 million.

New store openings:
• The Company opened 8 new Charlotte Russe stores in the first quarter.
• The target for fiscal 2008 is to open approximately 60 new stores.

Mark Hoffman, Chief Executive Officer, remarked: "We are pleased with the start of fiscal 2008 despite the challenging retail environment. However, we remain cautious given the overall macroeconomic climate.

We continue to focus on delivering trend right product at great value to our targeted customer. At the same time, we are committed to driving productivity improvements in our business and we are actively pursuing opportunities in a number of areas."

Mr. Hoffman continued, "We entered the second quarter well positioned in terms of inventory levels and spring forward content and we will continue our disciplined approach to inventory management throughout the year."

"Based on our current outlook, the Company would guide investors to expect low single digit comparable store sales for the second quarter of fiscal 2008 and diluted earnings per share in the range of $0.12 to $0.15.

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