OPERATIONS

Charlotte Russe CEO Retires

BY CSA STAFF

San Diego Charlotte Russe announced Monday that its chief executive Mark Hoffman has taken an immediate retirement.

Hoffman, 59, had been CEO since 2003. The company said he will be replaced on an interim basis by Leonard Mogil, 62, a board member and former group executive VP at Phillips-Van Heusen Corp.

The company is seeking a permanent successor.

In related news, Charlotte Russe said fiscal 3Q sales rose 7% to $193.2 million. Analysts expected revenue of $198.8 million.

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Apple unveils first China store

BY CSA STAFF

BEIJING, China Apple unveiled its first store in China, set to open Saturday, July 19, at the Village at Sanlitun retail development.

The all-glass building has the same design as Apple’s other retail units and features Apple store staples, including a multi-lingual Genius Bar. The store will be Apple’s 219th retail store worldwide.

“This is the first of many stores we will open in China,” said Ron Johnson, Apple’s senior vp of retail, in remarks to the press. He also confirmed that another store will open in Beijing’s Qianmen area, a shopping street south of Tiananmen Square that has been renovated in anticipation of the Olympics.

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Mattel reports 2Q net income drop

BY CSA STAFF

EL SEGUNDO, Calif. Mattel today reported a net income of $11.8 million, or 3 cents per share, for the second quarter of 2008, compared to last year’s net income of $22.8 million, or 6 cents per share, for the like period.

“We expected the positive contribution from toys tied to the summer entertainment properties Batman: The Dark Knight™, Speed Racer™ and Kung Fu Panda™,” said Robert A. Eckert, chairman and ceo of Mattel. “And we also achieved nice growth in several of our key core brands, including Fisher-Price Core and American Girl. International markets continue to lead the way, but the U.S. business also posted solid performance in the quarter.”

Visit www.RetailingToday.com for news on Mattel’s Bratz court case.

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