Charlotte Russe’s Sales Rise, Net Income Drops
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Charlotte Russe Inc. said fiscal third-quarter profit dropped 39% despite a 10.4% gain in sales.
Mark Hoffman, chief executive of the San Diego-based retailer of young women’s apparel, attributed the downturn to an early Easter holiday, which advanced sales into the second quarter, and strong year-earlier results.
The company operates 388 stores under the Charlotte Russe and Rampage flags.
Net income totaled $3.3 million, or 14 cents a share, compared with $5.5 million, or 23 cents, a year earlier.
Sales for the three months ended June 25 totaled $146.9 million, compared with $133 million a year earlier. Sales at stores open at least a year, a key measure of growth, fell 0.9%.
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