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Stock Market & Financial Investment News

News Breaks
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).
News For CBK;CWTR;CACH;CHS From The Last 14 Days
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October 14, 2014
06:01 EDTCBKChristopher & Banks management to meet with Piper Jaffray
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October 9, 2014
09:41 EDTCHSBofA/Merrill retail analysts hold an analyst/industry conference call
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October 7, 2014
12:09 EDTCBKOn The Fly: Midday Wrap
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11:34 EDTCBK, CHSChristopher & Banks plummets after cutting Q3 revenue outlook
Shares of specialty women's apparel retailer Christopher & Banks (CBK) are sinking after the company lowered its third quarter revenue outlook. WHAT'S NEW: This morning, Christopher & Banks lowered its Q3 revenue outlook to $114M-$118M from its previous guidance of $122M-$124, trailing the consensus of $123.98M. The company also cut the top end of its Q3 margin forecast, lowering its margin growth outlook to 75-100 basis points from its prior view of 75-125 bps. SG&A dollars for the quarter are expected to be approximately $33.5M-$34M, below its prior guidance of $34M-$34.5M. Christopher & Banks expects its inventory at the end of the quarter will remain higher than the comparable prior year period on a dollar per square foot basis, but at a level lower than at the end of Q2, due to planned higher levels of core inventory. WHAT'S NOTABLE: The company believes sales have been negatively impacted by continued softness in mall traffic and lower than expected sales from its September fashion show. The company noted that the demand for fashion merchandise exceeded planned inventory levels, due to late receipts associated with the West Coast port disruptions. President and Chief Executive Officer LuAnn Via said in a statement, "We believe that the continued softness in traffic trends, coupled with the difficult overall retail environment, have adversely affected our sales as compared to our initial expectations for the quarter." She said the firm assumes promotional activity will continue to be aggressive and that the current environment will continue to be challenging, creating continued pressure on sales and margins. PRICE ACTION: In late morning trading, Christopher & Banks fell $2.69, or about 30%, to $6.40 on nearly four times its average daily trading volume. Despite today's pull-back, the shares have only lost approximately 2% over the past 12 months. OTHERS TO WATCH: Other specialty women's retailers include Chico's FAS (CHS), down 1.28%, Ann Inc. (ANN), down 2.1%, and L Brands (LB), down 1.13%.
09:14 EDTCBKOn The Fly: Pre-market Movers
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08:08 EDTCBKChristopher & Banks says Q3 sales negatively impacted by mall traffic softness
In regards to its Q3 outlook, the company believes sales have been negatively impacted by continued softness in mall traffic and lower than expected sales from its September fashion show, as the demand for fashion merchandise exceeded planned inventory levels, as well as due to late receipts associated with the West Coast port disruptions.
08:06 EDTCBKChristopher & Banks lowers Q3 revenue view to $114M- $118M
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08:05 EDTCBKChristopher & Banks lowers Q3 revenue view to $114M- $118M
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