Charlotte Russe Beats Earnings Expectations
Charlotte Russe Holding Inc., which sells clothes to young women, beat analysts’ lowered fourth-quarter earnings forecast by a penny and reported improved comparable sales trends for the first three weeks of October, prompting investors to boost its share price by almost 11%.
San Diego-based Charlotte Russe -- which operates Charlotte Russe and Rampage stores -- said net income rose 11% to $5.9 million, or 25 cents a share, in the quarter ended Sept. 28, compared with $5.3 million, or 23 cents a share, in the same quarter the previous year.
Its shares closed at $11.57, up $1.14, on Nasdaq.
Quarterly sales rose 22% to $109.4 million, from $89.3 million a year earlier. Sales at stores open at least a year fell 5%, compared with a 7.4% decrease the previous year.
For the year, profit rose 4% to $22.4 million, or 95 cents a share, compared with $21.5 million, or 92 cents a share, the previous year. Analysts were expecting earnings of 94 cents a share.