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Christopher & Banks Posts In-Line Q3 Loss

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Christopher & Banks Corporation (NYSE: CBK) reported in-line loss for the third quarter on Tuesday.

The Plymouth, Minnesota-based company posted quarterly net loss of $0.3 million, or $0.01 per share, versus a year-ago profit of $9.0 million, or $0.24 per share.

Its net sales slipped to $103.6 million from $110.6 million. However, analysts were expecting a loss of $0.01 per share on revenue of $103.8 million.

Its same-store sales dropped 6.5 percent for the third quarter.

Gross margin shrank to 35.8 percent from 39.5 percent, while operating income dipped to $0.3 million from $9.3 million.

As of October 31, 2015, the company had $29.4 million in cash, cash-equivalents and investments.

LuAnn Via, President and Chief Executive Officer, said, "Our third quarter results were in line with our guidance, despite a continued difficult retail environment and unseasonably warm weather…We have taken a number of steps to drive improved performance in the business and create a stronger foundation from which to execute, including reorganizing our merchant team and the associated improved processes, and capitalizing on the information provided by our retail intelligence tool. Looking ahead, while we remain focused on these initiatives as well as driving improved productivity in our stores, we will also continue implementing our omni-channel strategy."

For the fourth quarter, the company expects total net sales of $91.0 million to $95.0 million, versus analysts' estimates of $106 million.

Christopher & Banks shares fell 8.40 percent to close at $1.09 yesterday.

Posted-In: lossEarnings News Guidance

 

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