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March 13, 2014
13:40 EDTCBK, CWTR, CACH, CHSChristopher & Banks surges after losses less steep than expected
Shares of women's clothing retailer Christopher & Banks (CBK) are rising after the company's fourth quarter loss narrowed compared to the same period of last year and was not as steep as projected by analysts. WHAT'S NEW: Christopher & Banks reported fourth quarter losses per share of 1c, which was better than analysts' consensus expectation for a loss of 3c per share. The company reported fourth quarter revenue of $104.9M, which was lower than the consensus forecast of $106.15M. Fourth quarter same-store sales decreased 1.4% from last year. The retailer said it sees first quarter same-store sales to be relatively flat compared to the same quarter of last year. WHAT'S NOTABLE: During its fourth quarter earnings conference call, Christopher & Banks said that temporary store closings and challenging traffic trends caused by the multiple snowstorms and arctic temperatures resulted in comps coming in slightly below its expectations. Still, the company said it continued to build business momentum and ultimately met its financial goals for the fourth quarter. As the company heads into spring, it feels it is in a better inventory position than it was at this time last year. The company sees inventory levels remaining higher than the prior year, at a level similar to the increase at the end of FY13. Christopher & Bank added that it is well positioned to continue its growth trajectory and meet its three-year growth objectives. PRICE ACTION: During afternoon trading, Christopher & Banks rose about 10% to $6.80. However, the stock is down about 20% year-to-date. OTHERS TO WATCH: Competitors to Christopher & Banks include Coldwater Creek (CWTR), Cache (CACH) and Chico's FAS (CHS).
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