Charlotte Russe Posts Loss

SAN DIEGO-Charlotte Russe executives said they weren’t happy with their Q2 sales and don’t expect things to turn around right away. During the quarter, which ended March 26, same-store sales dropped by 3.1% from the same year-ago period and the young women’s apparel retailer posted a loss of $1.4 million.

“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.