New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
March 13, 2014
13:40 EDTCACH, CWTR, CHS, CBKChristopher & 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).
News For CBK;CWTR;CACH;CHS From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
June 18, 2015
07:03 EDTCBKMacellum says Christopher & Banks Corp. failed to exercise appropriate oversight
Macellum Advisors sent a letter today to the board of Christopher & Banks. In the letter, Macellum states its belief that the board has failed to exercise appropriate oversight and has not served as a good sounding board for CEO, LuAnn Via. Macellum further notes that it is disappointed to have its request to add highly qualified directors to the Board, including former CEO, Joel Waller summarily rejected. In the letter, Macellum expresses that issues it raised earlier this year are negatively impacting the business, that the company can no longer blame the West Coast port strike for its declining results and the company must look internally for solutions. Macellum highlights its additional concerns over the deterioration in the company's results and believes that with proper governance and oversight, the company should be capable of achieving high single digit operating margins and meaningful revenue growth by gaining back lost market share within its target demographic. Lastly, Macellum states its belief that with the trend toward consolidation in the missy sector, the company would be an attractive target and should formally begin a process to explore strategic alternative.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the disclaimer & terms of use