Charlotte Russe CEO steps down

Charlotte Russe Holdings Inc. said third-quarter results missed expectations and announced its chief executive would retire effective immediately.

The San Diego company said Monday that CEO Mark Hoffman, 59, would be replaced on an interim basis by board member Leonard Mogil, 62. The company is searching for a permanent successor.

On Wednesday, the company said its third-quarter net income was $6.6 million, or 31 cents a share, compared with $10.1 million, or 40 cents, a year earlier. Analysts polled by Thomson Financial, on average, expected a profit of 32 cents a share.

Sales increased 7.2% to $193.2 million but fell short of analyst expectations. Sales at stores open at least one year, a key measure of retail health, fell 6.5% during the quarter.

Retailers, particularly women’s apparel retailers, are facing a difficult environment as consumers cut back amid high food and gas prices and declining home values.

Shares of Charlotte Russe gained 39 cents to $14.63 on Wednesday before the earnings news.