Charlotte Russe Posts Loss as Sales Tumble
From Reuters
Women’s clothing retailer Charlotte Russe Holding Inc. reported a steep loss in its fiscal second quarter, citing a drop in shopping mall traffic, heavy discounting and charges for closing its Charlotte’s Room stores.
The San Diego company posted a loss of $4.9 million, or 23 cents a share, compared with a profit of $3.5 million, or 15 cents, a year earlier. Sales at stores open at least a year fell 11.6%. Net sales rose 8% to $93.1 million.
Shares of Charlotte Russe fell 30 cents to $8.90 on Nasdaq.
