Christopher & Banks Raises Q4 Comps Guidance
Christopher & Banks Corporation (NYSE: CBK), a specialty women's apparel retailer, today announced that, based upon sales to-date, the Company now expects to report a comparable store sales increase in the high teens for the fourth fiscal quarter as compared to the Company's previous guidance of a comparable store sales increase in the high single to low double digits. The Company also announced that it expects cash and cash equivalents at the end of the fourth fiscal quarter (February 2, 2013) to be in the range of $37 million to $38 million.
The Company also reiterated its previous guidance that it expects:
* merchandise margins in the fourth fiscal quarter to exceed those in the comparable period last year, but to be seasonally lower than the third fiscal quarter, consistent with the Company's historical performance; * 400 to 500 basis points of positive leverage of occupancy expense for the 14-weeks ended February 2, 2013 when compared to the comparable prior year period, based on store closings and rent restructurings; and * SG&A expenses for the fourth fiscal quarter, a 14-week period, to be in the range of $36 million to $37 million.
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