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Charlotte Russe announces Q1 Results
25 Jan '07
2 min read
Charlotte Russe Holding Inc reported financial results for the first quarter of fiscal 2007 ended December 30, 2006.
Mark Hoffman, Chief Executive Officer, remarked: "We continue to improve upon the delivery of fashion-right product on time for our junior customer as evidenced by the strong sales and earnings growth during the recently completed quarter. Our product offering was well received over the Thanksgiving Day weekend, during the weeks just before Christmas and in the increasingly important post-Christmas week."
"As expected when we provided sales guidance in November 2006, we experienced a deceleration of comparable store sales growth during the first quarter. The 1.5% comparable stores sales increase was consistent with our guidance of a low single-digit increase as we anniversaried the strong 16.3% increase during the same quarter last year."
"We estimate that the fiscal calendar shift, which extended the first quarter to include the week between Christmas and New Year's Day, improved the sales comparison by approximately $12 million and improved diluted earnings per share by about 9-10 cents."
"With respect to the level of promotional price markdowns," Hoffman added, "we did not see any measurable change within the junior fast-fashion sector, and markdown expense was comparable to the levels we experienced during the first quarter last year."
"We were also comfortable with the quarter-end inventory position, especially after improving the annualized inventory turnover ratio to 11 times, on trailing 4-quarter basis. We ended the quarter at a historically high cash balance of $117 million and expect to continue our consistent investment in new and remodeled stores."
"Assuming no significant change in the overall retailing environment, we would guide investors to expect low single-digit comparable store sales increases during the second quarter of fiscal 2007 with diluted earnings per share from continuing operations of 10 to 13 cents compared to 22 cents per share during the second quarter of fiscal 2006. "
Click here to view results:
Mark Hoffman, Chief Executive Officer, remarked: "We continue to improve upon the delivery of fashion-right product on time for our junior customer as evidenced by the strong sales and earnings growth during the recently completed quarter. Our product offering was well received over the Thanksgiving Day weekend, during the weeks just before Christmas and in the increasingly important post-Christmas week."
"As expected when we provided sales guidance in November 2006, we experienced a deceleration of comparable store sales growth during the first quarter. The 1.5% comparable stores sales increase was consistent with our guidance of a low single-digit increase as we anniversaried the strong 16.3% increase during the same quarter last year."
"We estimate that the fiscal calendar shift, which extended the first quarter to include the week between Christmas and New Year's Day, improved the sales comparison by approximately $12 million and improved diluted earnings per share by about 9-10 cents."
"With respect to the level of promotional price markdowns," Hoffman added, "we did not see any measurable change within the junior fast-fashion sector, and markdown expense was comparable to the levels we experienced during the first quarter last year."
"We were also comfortable with the quarter-end inventory position, especially after improving the annualized inventory turnover ratio to 11 times, on trailing 4-quarter basis. We ended the quarter at a historically high cash balance of $117 million and expect to continue our consistent investment in new and remodeled stores."
"Assuming no significant change in the overall retailing environment, we would guide investors to expect low single-digit comparable store sales increases during the second quarter of fiscal 2007 with diluted earnings per share from continuing operations of 10 to 13 cents compared to 22 cents per share during the second quarter of fiscal 2006. "
Click here to view results:
Charlotte Russe Holding Inc
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Christian Guinet
French Textile Equipment Manufacturers’ Association (UCMTF)
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