Vincent Farnsworth 7:30 p.m., April 24
Charlotte Russe Is One Bright Spot among Nation's Ailing Retailers
Stock of Charlotte Russe, which sells fashion merchandise to women in their teens and early 20s, is up 14.63% this morning (April 9) on the basis of better-than-expected results. The company, which has 487 stores, announced Wednesday that its adjusted third quarter earnings would beat Wall Street expectations by at least 50%. The stock has risen from Tuesday's close of $8.83 to today's $10.50. In its second quarter, sales in stores open at least a year dropped 8 percent, but profit margin was strong as the company controlled costs. Charlotte Russe put itself up for sale earlier this year. Other retailers generally reported downbeat results. Abercrombie & Fitch's March sales plunged 34 percent from a year ago. Neiman-Marcus sales were down almost 30% as upscale retailers were hit the hardest. Wal-Mart sales were up 1.4% (not including fuel) and Costco's were up 4%.