Women's clothing retailer Christopher & Banks' Q3 net sales rise 7%

20 Dec '06

3 min read

Mr. Pennington concluded, “Based on performance to date and our expectations for the balance of the month, we anticipate that December same-store sales will decline 6 to 7%. With thirty-one days between Thanksgiving and Christmas this year compared to thirty days last year, we believe our customer has delayed her purchases later into the Holiday shopping season.”

Balance Sheet Highlights and Financial Outlook:
The Company is in a strong financial position finishing the quarter with $113.2 million in cash and short-term investments.

At the end of the third quarter total inventory per store was approximately $71,200 this year compared to $60,700 last year. While up from last year, total inventory per store still remains approximately 5% below the level the Company finished the third quarter two years ago when inventory per store was $74,600.

For the fourth quarter ending March 3, 2007, earnings are anticipated to be in the range of $0.13 to $0.14 per diluted share. Fourth quarter guidance takes into account a $0.02 to $0.03 per diluted share impact of expensing stock-based compensation.

In last year's fourth quarter, the Company earned $0.18 per diluted share. Last year's fourth quarter included a $0.02 per share charge related to remaining contractual obligations to the Company's former Chairman and Chief Executive Officer.

Christopher & Banks Corporation

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