Shares of Charlotte Russe Holding Inc. advanced 8.6 percent to $17.59 in mid-day Nasdaq trading Tuesday after the teen retailer launched a $25 million stock repurchase program.
The announcement came one day after the stock fell to a new 18-month low of $15.56, its lowest trading price since January 24, 2006, when shares fell to $15.34.
“We believe that the repurchase program is a good investment of available funds and underscores our commitment to enhancing stockholder value,” said Mark Hoffman, chief executive, in a statement.
The company on July 25 posted third-quarter results for the period ended June 30 in which income jumped 72.6 percent to $10.1 million, or 40 cents a diluted share, from $5.9 million, or 24 cents, in the year-ago quarter. Sales rose 12.2 percent to $180.3 million from $160.7 million.