Can retailer Charlotte Russe (Nasdaq: CHIC) make lemonade out of consumers' current bushel of lemons? The increased guidance the company released Wednesday suggests it might.

Charlotte Russe, which provides fast fashion at value prices, said its first-quarter same-store sales increased 1.5%. Total sales increased 13.9% to $238.2 million. A 1.5% increase in comps may not set the world afire, but then again, some retailers' dismal recent performance probably primed investors to expect a much worse showing.

Meanwhile, Charlotte Russe upped its first-quarter earnings guidance to between $0.55 per share and $0.56 per share, compared to the previous (admittedly cautious) expectation for a range between $0.47 and $0.50 per share. This will make its first-quarter earnings about flat with last year's, but of course, that's a real improvement from the previously expected dip.

For now, that puts Charlotte Russe in the enviable company of retailers that have thus far weathered the storm well enough to increase guidance, rather than slash it. Coldwater Creek (Nasdaq: CWTR) and New York & Co. (NYSE: NWY) are two retail stocks that got absolutely slammed Tuesday after cutting earnings guidance.

I wouldn't be the first person to suspect that retailers with a strong value proposition might be better able to withstand the current market turbulence. Look at Aeropostale (NYSE: ARO), whose holiday comps made a favorable appearance among the retailers whose comps I recently rummaged through. Aeropostale arguably has a value proposition that may lure price-conscious shoppers away from rivals, like higher-priced Abercrombie & Fitch (NYSE: ANF) or J. Crew (NYSE: JCG). Charlotte Russe also provides fashionable apparel at low prices. (Forever 21 and Sweden's H&M (OTC BB: HMRZF.PK) are no strangers to this strategy, either.)

I've previously considered Charlotte Russe undervalued, and these recent tidings seem like a good sign that it's getting back on track. Although consumers' sluggishness certainly remains a short-term risk to retailers, Charlotte Russe's better-than-expected quarter in such a difficult period is certainly heartening for its shareholders.

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Alyce Lomax does not own shares of any of the companies mentioned. The Fool has a disclosure policy.