Apparel retailer Charlotte Russe Holding, Inc. reported net income of $6.1 million on net sales of $179.9 million during the quarter ended Sept. 24. The year-ago quarter brought net income of $3.1 million on net sales of $138.3 million.
The quarter also brought Charlotte Russe’s fiscal year to a close.
For the year, the company reported net income of $10.8 million on net sales of $603.8 million. The 2004 fiscal year produced net income of $15.1 million on net sales of $539.4 million.
As of Sept. 24 the company operated 408 stores in 42 states and Puerto Rico. Sixty-six of those stores use the company’s Rampage format, meant to appeal to an older buyer; the remaining outlets are Charlotte Russe stores. The company opened 49 new stores during the recently completed fiscal year, and closed one of its Rampage stores. The company expects to open as many as 35 new stores in the current fiscal year.
With its earnings release, the company also announced the tentative settlement of securities litigation for $3.9 million, which will be paid mostly by the company’s insurance carrier. The court has yet to approve the settlement.
The company trades on the Nasdaq using the symbol CHIC. Its stock closed Nov. 4 at $17.25 per share.
, Brad Graves
