Charlotte Russe Reports 75% Drop in Earnings

Young women’s clothing retailer Charlotte Russe Holding Inc. posted a 75% slump in fiscal first-quarter earnings and forecast a loss for the second quarter, sending its shares lower.

The San Diego-based company said it expected sales at stores open at least a year to fall in its second quarter after a 9.9% decline in same-store sales in the first quarter ended Dec. 25.

Earnings for the first quarter dropped to $1.6 million, or 7 cents a share, from $6.6 million, or 28 cents, in the same period a year earlier. Analysts on average had forecast earnings of 9 cents a share, according to Reuters Estimates.

Sales for the first quarter increased to $150 million from $149.3 million a year earlier.

Shares of Charlotte Russe slipped 54 cents to $9.56 on Nasdaq.