Charlotte Russe Holding Inc., a San Diego women’s wear retailer, reported Nov. 14 net income of $8.4 million on revenue of $190.3 million for the fourth quarter that ended Sept. 29.
That compared with net income of $24.2 million on revenue of $188.5 million in the same quarter of 2006.
Chief Executive Officer Mark Hoffman said the weakening consumer spending and traffic in stores that began in June continued through July.
For the full year, sales increased 8.7 percent to $740.9 million, with comparable store sales rising only 0.5 percent.
Earnings for the year were $36.3 million, compared with $25 million in the prior fiscal year.
The company opened 24 new stores during the fourth quarter to bring the total to 50 new stores for the year, and a total of 432 stores in 44 states and Puerto Rico.
Hoffman said Charlotte Russe expects a flat to low single-digit decline in comparable store sales for the first quarter of the fiscal year, and diluted earnings per share between 47 and 50 cents, down from 55 cents per share in the prior year’s first quarter.
Traded on Nasdaq under CHIC, shares of the company rose 15 percent to $16.50 in after-hours trading Nov. 14. The stock has ranged from $12.27 to $33.93 in the past 52 weeks.
, Mike Allen
