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- Better Than Expected Holiday Season With Comparable Store Sales Increase of 15.7% SAN DIEGO, Jan. 9 /PRNewswire-FirstCall/ -- Charlotte Russe Holding, Inc. (NASDAQ:CHIC), a growing mall-based specialty retailer of fashionable, value- priced apparel and accessories targeting young women in their teens and twenties, today reported that net sales increased 34% during the first quarter of fiscal 2006 which ended on December 24, 2005. Sales at comparable stores increased 15.6% during the first quarter, which exceeded the previous guidance on November 4th of a high single-digit increase. (Logo: http://www.newscom.com/cgi-bin/prnh/20030602/CHICLOGO ) Based on these sales results, the company currently expects diluted earnings per share in the first quarter to range from $0.28 to $0.30 subject to quarter-end adjustments. This compares to the previous guidance on November 4th of a range from $0.17 to $0.21 per share. Mark Hoffman, Chief Executive Officer, remarked: "Significant progress with top-line revenue was achieved during this Holiday first quarter as we continued to focus on reclaiming market share. Earnings were significantly better than guided; however, we would remind investors to consider how depressed business was last year when making comparisons. "Looking at the second quarter 2006, it is important to remember that this quarter is traditionally our toughest quarter for earnings potential. We expect to see continued pressure from the highly promotional environment and our strategies to recover market share. In addition, the second quarter comparisons this year will be negatively impacted by the 3-week shift of Easter and related spring breaks into our third quarter and the new requirement to record compensation expense for our stock option plan. As a result of these earnings challenges, we are currently expecting to incur a loss during the second quarter of fiscal 2006 that will be equal to or slightly greater than the 3 cent loss per share reported last year. We look forward to discussions regarding the details of the first quarter performance, as well as more updated visibility for the second quarter, during our first quarter sales and earnings conference call on January 19th," Hoffman concluded. Management expects to release the first quarter financial results before the market opens on Thursday, January 19, 2006, with a teleconference call scheduled for 8:00 a.m. (Pacific Time). Interested listeners are invited to participate in that conference call which will be broadcast over the internet at http://www.charlotte-russe.com/. To listen to the live call, please go to the web site at least 15 minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available at the company's web site shortly after the call, or by calling 877-519-4471, PIN: 6833697. Charlotte Russe Holding, Inc. is a growing mall-based specialty retailer of fashionable, value-priced apparel and accessories targeting young women in their teens and twenties. The company operated a total of 422 stores in 43 states and Puerto Rico, as of December 24, 2005, comprised of 356 Charlotte Russe stores and 66 Rampage stores. The company expects to open up to 35 new Charlotte Russe stores during the fiscal year ending in September 2006. SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Except for the historical information contained herein, this press release contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially, including, but not limited to projections of our future results of operations or of our financial condition, our anticipated growth strategies and projected new store openings, successful repositioning of our Rampage brand, integration of our recently hired senior executives, and general and regional economic conditions, industry trends, consumer demands and preferences, competition from other retailers and uncertainties generally associated with women's apparel and accessory retailing. A complete description of these factors, as well as others that could affect the company's business, is set forth in the Annual Report on Form 10-K, filed with the Securities and Exchange Commission on December 7, 2005. http://www.newscom.com/cgi-bin/prnh/20030602/CHICLOGO http://photoarchive.ap.org/ DATASOURCE: Charlotte Russe Holding, Inc. CONTACT: Daniel T. Carter, Chief Financial Officer of Charlotte Russe Holding, Inc., 858-490-2430 Web site: http://www.charlotte-russe.com/

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