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Charlotte Russe Holding, Inc. (Nasdaq: CHIC) today announced financial results for the third quarter and nine months ended June 27, 2009.

Third quarter fiscal 2009 net sales increased 4.9% to $202.7 million, compared to $193.2 million in the third quarter of fiscal 2008. Comparable store sales for the period decreased 3.6%. Net income for the 2009 third quarter was $6.3 million, or $0.29 per diluted share compared to $6.6 million, or $0.31 per diluted share, for the same period in 2008. In the third quarter of fiscal 2009, the Company recorded cash charges of $1.3 million related to expenses for proxy solicitation, management transition and severance, as well as costs related to the review of strategic alternatives and subsequent sale process. Third quarter 2009 diluted earnings per share, excluding the aforementioned expenses, were $0.33. The Company opened seven new stores and closed two locations during the period.

Net sales for the nine month period ended June 27, 2009 increased 2.9% to $634.6 million compared to $616.5 million in the same period of fiscal 2008. Comparable store sales for the period decreased 7.1%. Net income for the first nine months of fiscal 2009 was $2.5 million, or $0.12 per diluted share, compared to $24.8 million, or $1.04 per diluted share, for the same period in fiscal 2008. In the first nine months of fiscal 2009, the Company recorded cash charges of $5.0 million related to expenses for proxy solicitation, management transition and severance, as well as costs associated with the review of strategic alternatives and subsequent sale process. The Company also recorded a non-cash charge of $1.6 million for store impairment. Diluted earnings per share, excluding the aforementioned expenses, were $0.29.

At June 27, 2009, the Company had $60.0 million in cash and no long-term debt. Cash flow from operations in the first nine months of fiscal 2009 totaled $31.6 million.

� � Third Quarter Ended Nine Months Ended June 27, � June 28, June 27, � June 28, (in thousands, except per share data) 2009 2008 2009 2008 � Net sales $ 202,711 $ 193,233 $ 634,617 $ 616,528 GAAP net income $ 6,255 $ 6,577 $ 2,524 $ 24,811 GAAP net income per share: Basic $ 0.30 $ 0.31 $ 0.12 $ 1.05 Diluted $ 0.29 $ 0.31 $ 0.12 $ 1.04 � Non-GAAP net income (1) $ 6,974 $ 6,577 $ 6,098 $ 25,341 Non-GAAP net income per share: Basic $ 0.33 $ 0.31 $ 0.29 $ 1.07 Diluted $ 0.33 $ 0.31 $ 0.29 $ 1.07

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(1) Please refer to the financial statements portion of this press release for an explanation of the non-GAAP financial measures contained in the table above and a reconciliation of such measures to the comparable GAAP financial measures.

John D. Goodman, Chief Executive Officer, stated, �During the third quarter, we continued to make progress with our strategic and operational initiatives, which resulted in reduced markdown levels and improved gross profits versus a year ago. The strength of gross margin, combined with prudent cost controls, enabled us to deliver higher than anticipated non-GAAP diluted earnings per share of $0.33.

�Although the environment remains extremely challenging, we believe there is a tremendous opportunity for Charlotte Russe to improve its leadership position in the fast fashion category. Importantly, we�re engaging the customer with trend right merchandise and providing her with a compelling shopping environment, both in-store and online. We�re excited about our back-to-school product assortments, which began arriving in stores earlier this month. The new collections communicate a distinct Charlotte Russe point of view, which is supported by elevated fashion imagery in stores and on our web site, as well as extensive editorial coverage in leading fashion publications.�

Goodman concluded, �We�re continuing to manage the business conservatively by controlling inventories, conserving costs and prudently investing in the resources, talent and systems necessary to help take the Charlotte Russe brand to the next level. At quarter-end, the Company had $60 million in cash and no long-term debt, affording us the financial flexibility to execute our growth plans despite the ongoing challenges presented by the macro environment.�

Outlook

For the fourth quarter of fiscal 2009, the Company expects comparable store sales to be in the negative low- to mid-single digits. Non-GAAP diluted earnings per share are expected to be in the range of $0.18 to $0.26, exclusive of anticipated charges related to management transition and severance, as well as the review of strategic alternatives and subsequent sale process. This compares to non-GAAP diluted earnings per share of $0.01 in the prior year period.

Conference Call Information

A conference call to discuss 2009 third quarter results is scheduled for today, Tuesday, July 21, 2009, at 1:30 p.m. Pacific Time (4:30 Eastern Time). The call will be hosted by John D. Goodman, Chief Executive Officer, Emilia Fabricant, President and Chief Merchandising Officer, and Frederick G. Silny, Chief Financial Officer. To access the call, please dial (888) 841-5034 approximately ten minutes prior to the start of the call. The conference call will also be webcast live and archived at www.charlotterusse.com. A telephone replay of this call will be available until July 28, 2009, and can be accessed by dialing (800) 642-1687 and entering code 11671210.

About Charlotte Russe

Charlotte Russe Holding, Inc. is a mall-based specialty retailer of fashionable, value-priced apparel and accessories targeting young women in their teens and twenties. As of June 27, 2009, the Company operated 501 stores in 45 states and Puerto Rico. For more information about the Company, please visit http://www.charlotterusse.com.

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. Such statements include, but are not limited to, projections of the Company�s fourth quarter financial results, as well as the impact of the Company�s business strategies, including future growth, inventory and cost control, customer penetration and value creation. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or from any results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risks that the Company will not achieve anticipated financial results or comparable store sales increases, the Company will not be able to execute its new strategic plan as intended, the Company will not open new Charlotte Russe stores or remodel existing stores in the numbers or on the schedule anticipated, 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 Company's annual report on Form 10-K and quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission.

� CHARLOTTE RUSSE HOLDING, INC. CONSOLIDATED STATEMENTS OF INCOME (amounts in 000's, except per share data) (unaudited) � � � � � Third Quarter Ended Nine Months Ended June 27, June 28, June 27, June 28, 2009 2008 2009 2008 � Net Sales $ 202,711 $ 193,233 $ 634,617 $ 616,528 Cost of goods sold � 146,755 � 141,599 � 483,285 � 451,310 Gross profit 55,956 51,634 151,332 165,218 � Selling, general & administrative expenses � 45,080 � 41,273 � 146,960 � 128,253 Operating income 10,876 10,361 4,372 36,965 � Interest income, net � 22 � 298 � 261 � 2,311 � Income before income taxes 10,898 10,659 4,633 39,276 � Income tax expense � 4,643 � 4,082 � 2,109 � 14,465 � Net income $ 6,255 $ 6,577 $ 2,524 $ 24,811 � Income per share - basic: Income per basic share $ 0.30 $ 0.31 $ 0.12 $ 1.05 � Income per share - diluted: Income per diluted share $ 0.29 $ 0.31 $ 0.12 $ 1.04 � Basic weighted average shares outstanding � 20,936 � 20,990 � 20,917 � 23,610 Diluted weighted average shares outstanding � 21,296 � 21,168 � 21,136 � 23,772 � CHARLOTTE RUSSE HOLDING, INC. RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF INCOME (amounts in 000's, except per share data) (unaudited) � � � � � Third Quarter Ended June 27, 2009 June 28, 2008 Adjusted As Reported Adjustments (non-GAAP) As Reported (GAAP)

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(GAAP) � Net Sales $ 202,711 $ - $ 202,711 $ 193,233 Cost of goods sold � 146,755 � 74 � � 146,829 � � 141,599 Gross profit 55,956 (74 ) 55,882 51,634 � Selling, general & administrative expenses � 45,080 � (1,326 ) � 43,754 � � 41,273 Operating income 10,876 1,252 12,128 10,361 � Interest income, net � 22 � - � � 22 � � 298 � Income before income taxes 10,898 1,252 12,150 10,659 � Income tax expense � 4,643 � 533 � � 5,176 � � 4,082 � Net income $ 6,255 $ 719 � $ 6,974 � $ 6,577 � Income per share - basic: Income per basic share $ 0.30 $ 0.33 � $ 0.31 � Income per share - diluted: Income per diluted share $ 0.29 $ 0.33 � $ 0.31 � Basic weighted average shares outstanding � 20,936 � 20,936 � � 20,990 Diluted weighted average shares outstanding � 21,296 � 21,296 � � 21,168

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(1) In the third quarter of fiscal 2009, the Company recorded cash charges of $1.3 million related to expenses for proxy solicitation, management transition and severance, as well as costs associated with the review of strategic alternatives and subsequent sale process. An adjustment has also been reflected for the related tax impact.

(2) This earnings release contains non-GAAP financial measures. Pursuant to the requirements of Regulation G, the Company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The Company believes presenting its 2009 results excluding expenses for proxy solicitation, management transition and severance, as well as costs associated with the review of strategic alternatives and subsequent sale process, and a non-cash charge for store impairment, which is on a non-GAAP basis, provides useful additional information to investors. The Company believes that the exclusion of such amounts facilitates the comparability of the Company's results from period to period and provides a basis for comparing current results against future results by eliminating amounts that it believes are not comparable between periods. The Company will use its results excluding these amounts to evaluate its operating performance and to discuss its business with investment institutions, the Company's Board of Directors and others. These non-GAAP measures should be considered in addition to, not as a substitute for, measures of financial performance prepared in accordance with GAAP.

� CHARLOTTE RUSSE HOLDING, INC. RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF INCOME (amounts in 000's, except per share data) (unaudited) � � � � � � � Nine Months Ended June 27, 2009 June 28, 2008 Adjusted Adjusted As Reported Adjustments (non-GAAP)

As Reported

Adjustments (non-GAAP) (GAAP)

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(GAAP)

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� Net Sales $ 634,617 $ - $ 634,617 $ 616,528 $ - $ 616,528 Cost of goods sold � 483,285 � 22 � � 483,307 � � 451,310 � - � � 451,310 � Gross profit 151,332 (22 ) 151,310 165,218 - 165,218 � Selling, general & administrative expenses � 146,960 � (6,631 ) � 140,329 � � 128,253 � (840 ) � 127,413 � Operating income 4,372 6,609 10,981 36,965 840 37,805 � Interest income, net � 261 � - � � 261 � � 2,311 � - � � 2,311 � � Income before income taxes 4,633 6,609 11,242 39,276 840 40,116 � Income tax expense � 2,109 � 3,035 � � 5,144 � � 14,465 � 310 � � 14,775 � � Net income $ 2,524 $ 3,574 � $ 6,098 � $ 24,811 $ 530 � $ 25,341 � � Income per share - basic: Income per basic share $ 0.12 $ 0.29 � $ 1.05 $ 1.07 � � Income per share - diluted: Income per diluted share $ 0.12 $ 0.29 � $ 1.04 $ 1.07 � � Basic weighted average shares outstanding � 20,917 � 20,917 � � 23,610 � 23,610 � Diluted weighted average shares outstanding � 21,136 � 21,136 � � 23,772 � 23,772 �

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(1) In the first three quarters of fiscal 2009, the Company recorded cash charges of $5.0 million related to expenses for proxy solicitation, management transition and severance, as well as costs associated with the review of strategic alternatives and subsequent sale process, and a non-cash charge of $1.6 million for store impairment. In the first three quarters of fiscal 2008, the Company recorded a non-cash charge for store impairment. An adjustment has also been reflected for the related tax impact.

(2) This earnings release contains non-GAAP financial measures. Pursuant to the requirements of Regulation G, the Company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The Company believes presenting its 2009 results excluding expenses for proxy solicitation, management transition and severance, as well as costs associated with the review of strategic alternatives and subsequent sale process, and a non-cash charge for store impairment, which is on a non-GAAP basis, provides useful additional information to investors. The Company believes that the exclusion of such amounts facilitates the comparability of the Company's results from period to period and provides a basis for comparing current results against future results by eliminating amounts that it believes are not comparable between periods. The Company will use its results excluding these amounts to evaluate its operating performance and to discuss its business with investment institutions, the Company's Board of Directors and others. These non-GAAP measures should be considered in addition to, not as a substitute for, measures of financial performance prepared in accordance with GAAP.

� CHARLOTTE RUSSE HOLDING, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (amounts in 000's) (unaudited) � � � June 27, June 28, 2009 2008

ASSETS

Cash and cash equivalents $ 59,992 $ 45,902 Inventories 53,486 49,798 Landlord allowances receivable 441 9,770 Other current assets 10,581 7,168 Deferred tax assets � 7,479 � 6,161 Total current assets 131,979 118,799 � Fixed assets, net 205,879 222,291 Goodwill 28,790 28,790 Other assets 887 1,085 Deferred taxes � 3,190 � 970 Total assets $ 370,725 $ 371,935 � �

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable, trade $ 35,908 $ 30,929 Accounts payable, other 6,109 7,979 Accrued payroll and related expense 4,663 5,466 Income and sales taxes payable 2,559 2,378 Other current liabilities � 9,875 � 9,541 Total current liabilities 59,114 56,293 � Deferred rent 113,295 115,261 Other liabilities � 1,400 � 1,028 Total liabilities 173,809 172,582 � � Total stockholders' equity � 196,916 � 199,353 � Total liabilities and stockholders' equity $ 370,725 $ 371,935