Mall-based women's apparel retailer Charlotte Russe Holding Inc. said it is focused on opening new stores and improving its offerings in tops and dresses, the company chief executive said at a conference on Tuesday.
At the Wachovia Securities 2007 Nantucket Equity Conference, Charlotte Russe President and Chief Executive Mark A. Hoffman said the company has identified its total store potential at 600. The retailer, which ended the third quarter with 410 stores, plans to have 432 stores open by year end.
"There are a significant number of mall locations still available," he said. "We have 350 locations on our wish list."
In terms of its merchandise, Hoffman said Charlotte Russe is set apart from its rival "fast-fashion" women's apparel retailers Forever 21 and Wet Seal because of the age of Charlotte Russe's target consumer -- young women in their late teens and early 20s.
"Our slightly older consumer is a bit more sophisticated," he said.
The company sees the most growth opportunity in its knit and woven tops. Hoffman also said the company is working to improve its dress offerings.
"The changes made with our dresses continue to make very strong statement to the customer," he said.
Charlotte Russe also sells bottoms, footwear and accessories.
Shares of Charlotte Russe fell 44 cents to $26.28 in morning trading.
Questions or comments about this story should be directed to AP Financial News at 212-621-7190.
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