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Charlotte Russe net sales for Q4 improves 30.1%

Nov '05
San Diego based growing mall-based fashion retailer Charlotte Russe Holding Inc reported financial results for the fourth quarter of fiscal 2005 ended September 24, 2005.

As has been the company's policy, this guidance does not include the potential of any business risks, opportunities or developments that may occur after November 4, 2005. Management does not expect to report on its financial performance, or to comment on it to the investment community, until after the financial results for the quarter have been released on or about January 19, 2006.

The company also announced that it has reached an agreement in principle subject to court approval to settle the securities litigation pending against the company and certain of its officers and directors for the sum of $3.9 million, paid mostly by the company's insurance carrier. In the fourth quarter of fiscal 2005, the company incurred a pre-tax charge of approximately $600,000 associated with defense and settlement costs that reduced diluted earnings per share by 2 cents.

Financial Results:
Net sales for the fourth quarter increased 30.1 percent to $179.9 million from $138.3 million for the fourth quarter last year. Comparable store sales increased 12.9 percent during the quarter, compared to a decrease of 2.9 percent for the fourth quarter of fiscal 2004.

Net sales for fiscal 2005 were $603.8 million, an increase of 11.9 percent from $539.4 million for the same period last year. Comparable store sales decreased 0.3 percent during fiscal 2005, compared to a decrease of 0.4 percent that was reported for last year.

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