Jul 21, 2009
Charlotte Russe third quarter profit beats Street
Jul 21, 2009
July 21 (Reuters) - Women's-apparel retailer Charlotte Russe Holdings Inc (CHIC.O) posted a third-quarter profit that handily beat market estimates on reduced markdowns.
The company, which sells apparel and accessories targeting young women in their teens and twenties, also forecast fourth-quarter earnings of 18 cents to 26 cents per share, before certain items.
Analysts on average were expecting the company to earn 16 cents a share during the period.
For the third quarter ended June 27, the San Diego-based company posted net income of $6.3 million, or 29 cents a share, compared with $6.6 million, or 31 cents a share, last year.
Excluding charges, the company posted earnings of 33 cents a share, beating analysts' average expectation of 24 cents a share, according to Reuters Estimates.
The company, which in March said it asked its financial advisor to initiate a sale of the company, said sales rose about 5 percent to $202.7 million.
Sales at stores open at least a year decreased 3.6 percent in the quarter.
Shares of the retailer, which competes with Abercrombie & Fitch (ANF.N) and Hot Topic Inc (HOTT.O), closed at $12.07 Tuesday 21 July on Nasdaq. (Reporting by Abhishek Takle in Bangalore; Editing by Anne Pallivathuckal)
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