Charlotte Russe skids 22% on Q3 earnings, CEO retirement

Retail clothing company Charlotte Russe Holding Inc. (Nasdaq:CHIC) is down more than 22% in today’s trading after announcing its third-quarter earnings per share had dropped and that its CEO would be retiring. For the third quarter of fiscal 2008, net sales were $193.2 million, up from $180.3 million for the same fiscal quarter a year ago. Earnings per share, however, dropped to $0.31 from $0.40 in the quarter a year earlier. Wall Street had been expecting earnings per share of $0.32 on revenues of $198.8 million. The San Diego-based company said it expects pressure on its stores with the economy still weak and consumer spending at a low.

Also today, CEO Mark Hoffman announced his retirement, effective immediately. Board member Leonard Mogil will act as interim CEO.

In today’s trading, shares are at $13.19, down $3.70 from Friday’s close. Trading volume has soared to more than 1.5 million shares, well above the average of about 400,000.

For access to the full article, you must be a registered member - it's FREE.

Already a member? Please log in below