Charlotte Russe 3rd-quarter profit falls

Women's apparel retailer Charlotte Russe Inc. on Monday reported its fiscal third-quarter earnings fell to 31 cents per share, at the low end of its guidance range.

Analysts polled by Thomson Financial, on average, predicted a profit of 32 cents per share. Charlotte Russe had forecast a profit between 31 cents and 34 cents per share. In the year-ago quarter, the company reported earnings of 40 cents per share.

Sales in stores open at least one year, or same-store sales, fell 6.5 percent during the quarter ended in June. Same-store sales is considered a key retail performance indicator because it measures sales at existing stores rather than newly opened ones.

Sales rose 7 percent to $193.2 million from $180.3 million in the same quarter a year ago. Analysts predicted revenue of $198.8 million.

Charlotte Russe said it expects "downward pressure" on same-store sales and earnings in its fiscal fourth quarter due to the weak economic and consumer environment.

The retailer is scheduled to provide more detail on its third-quarter results on Wednesday.