News Flash

Christopher & Banks announces Q1 2007 sales results

29 Jun '07

2 min read

Christopher & Banks Corporation reported results for the first quarter ended June 2, 2007.

Total sales for the first quarter ended June 2, 2007 were $149.4 million compared to $142.5 million for the quarter ended May 27, 2006. Net income for the first quarter was $11.7 million or $0.32 per diluted share compared to $14.6 million or $0.39 per diluted share for the first quarter last year.

Same-store sales for the thirteen week period ended June 2, 2007 declined 4% compared to the thirteen week period ended June 3, 2006.

The Company opened 25 new stores and closed two stores in the first quarter bringing the total number of stores to 801 as of June 2, 2007, compared to 739 as of May 27, 2006.

As compared to the end of last year's first quarter, the Company experienced a 26 percent year over year increase in inventory on a per store basis.

Approximately half of this increase was due to a larger combined balance of early June receipts and in-transit inventory.

As a result of above plan inventories at the end of the first quarter and a challenging women's specialty retail environment, the Company expects a higher level of clearance activity will be required to exit the second quarter with a current inventory position.

Therefore, the Company currently anticipates second quarter earnings per diluted share to be in the range of $0.11 to $0.12, compared to $0.21 last year.

Fiscal June same-store sales month-to-date through June 27, 2007 were up 2%. For the year, the Company estimates earnings per diluted share to be in the range of $0.80 to $0.83, compared to $0.89 per share last year.

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