Charlotte Russe Reports 75% Drop in Earnings
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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.
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