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Thursday, Mar 28, 2024
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Quarterly Net Income Dips Slightly at Charlotte Russe

Charlotte Russe Holding Inc., the San Diego young women’s retail chain, reported July 21 net income of $6.25 million for its third quarter ended June 30, compared to net income of $6.57 million for the like quarter of 2008.

For the nine months, the company reported net income of $2.52 million compared to $24.8 million for the prior year’s nine months.

Sales for the quarter were up 4.9 percent from the like quarter of 2008 to $202.7 million. For the nine months, sales rose 2.9 percent to $634.6 million.

The company opened seven new stores and closed two during the past quarter. It has 501 stores in 45 states.

During the past nine months, Charlotte Russe said it spent $5 million for a proxy solicitation due to a director’s challenging the current management and its board nominees. In addition it had higher expenses caused by severance payments to management, and costs associated with the company’s possible sale.

For the fourth quarter, the company said it expects comparable store sales to shrink by the low to mid-single percentages, with operating earnings in the range of 18 to 26 cents per share.

Traded under CHIC on Nasdaq, shares were up $1.82 at midday July 22 to $13.89. The stock has ranged from $3.98 to $15 over the past 52 weeks.

, Mike Allen

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