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Women's apparel chain CBK Corp sees weak earnings in Q3

Sep '08
The Company operated 854 stores as of August 30, 2008 as compared to 807 stores at September 1, 2007.

Lorna Nagler, President and Chief Executive Officer, commented, “We expect the extremely challenging economic and retail environment to continue to adversely impact our near-term sales and earnings. However, we believe that the progress we continue to make with our merchandise assortment and on our strategic initiatives in e-Commerce, planning and allocation, marketing and sourcing will position us for stronger performance when the economy improves.”

Third Quarter Guidance:
For the third quarter of fiscal 2009, assuming the percentage decline in same-store sales will be similar to the decline that occurred during the second quarter, the Company currently estimates that operating earnings per diluted share, prior to the operating results and closing costs associated with the Acorn division, will range from $0.10 to $0.13.

As previously announced, the Company anticipates pre-tax expenses associated with the closing of its Acorn division to range in total from $7 million to $10 million, with the charges being incurred in the second, third and fourth quarters of fiscal 2009.

During the second quarter, the Company incurred $1.2 million of long-lived asset impairment charges associated with the closing of the Acorn division. The Company's outlook for the third quarter of fiscal 2009 reflects management's expectation that the current economic and retail environment will remain difficult.

Christopher & Banks Corporation

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