"Our business overall at Charlotte Ruse was not what we would have hoped for," said Mark Hoffman, the company's CEO. The retailer's net sales for the quarter did increase, by 6.9%, to $127 million.
During the quarter the company opened four Charlotte Russe stores, and executives plan a total of 50 new units this year. It currently operates 305 of its namesake stores, which target women in their teens and 20s, as well as 67 Rampage units that market to a slightly older demographic.
Charlotte Russe executives do not plan to open any additional Rampage stores until that chain, acquired by the company in 1998, posts positive same-store sales. Officials hope that turnaround happens in June.
For the entire year, officials forecast $35 million to $40 million in capital expenditures. Since the company's same-store sales during last year's Q3 shot up 7.1% from the previous year, executives are expecting a tough year-over-year for the current quarter, leading to a low single-digit percentage drop.
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