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Charlotte Russe to Buy Back $73M in Stock

Charlotte Russe Holding Inc. said April 3 it expects to buy $73.4 million in shares through a stock repurchase offer that expired April 2.

The woman’s apparel retailer said in a press release that preliminary results of its Dutch auction to repurchase stock shares indicate that it will buy about 4.08 million shares at $18 per share. That would amount to 16.3 percent of the company’s shares outstanding on April 2.

Charlotte Russe shares slipped 96 cents, or 5.3 percent, to $17.05 in early trading April 3. The company’s Nasdaq symbol is CHIC.

Until shares dipped 13 percent on March 26, the retailer had outperformed many competitors in the rough retail market, analysts said. Same-store sales during the Christmas holiday season increased 1.5 percent. Sales for the quarter ending Dec. 29 were up nearly 14 percent from the same quarter the previous year.

, Liz Wiedemann

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