CHIC - 83% of Charlotte Russe Shoppers Target the Sale Racks
Charlotte Russe Holding, Inc., was the subject of a Tickermine survey after reasonable third quarter fiscal 2008 results this month. Net sales increased 7.2% to $193.2 million compared to $180.3 million last year. Comparable store sales declined 6.5%. Our interviewers spoke with respondents at 30 different locations and asked whether other discount fashion stores were nearby? How much does the average customer spend? Are your customers sale shoppers exclusively? How does business this summer compare to last year? And are your customers repeats or newcomers? We were surprised to hear that 48% of those interviewed reported business as up from last year. 21% reported it as the same while 31% said it was slower. And 66% of those polled said there were low-priced fashion stores nearby. 44% said they were on their own. 72% of Charlotte Russe shoppers are repeats while 28% are new. But a whopping 83% of the shoppers do make a beeline for the sale section, apparently. Only 17% are buying non-sale items. And while 41% of those polled say customers are spending $20-$50. Only 34% are spending $60-$80, 14% are spending $90-$120 and ten percent spend $125-$150 per shop.