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Stock Market & Financial Investment News

News Breaks
March 13, 2014
13:40 EDTCBK, CACH, CWTR, 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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February 26, 2015
07:25 EDTCHSChico's sees FY15 comparable sales increase in positive, low single digits
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07:24 EDTCHSChico's announced organization realignment, eliminates 240 existing positions
The company announced an organizational realignment to ensure that resources are better aligned with long-term growth initiatives, including omni-channel. The changes resulted in the elimination of approximately 240 existing positions, which is expected to result in approximately $38M of annualized savings. The corporate organizational realignment resulted in a 12% reduction of the company's headquarters and field management employee base. In the fourth quarter of 2014, the company recorded pre-tax restructuring charges related to headcount reductions, including severance and other charges, of approximately $8.2M.
07:23 EDTCHSChico's expects to increase rate of domestic store closures
The company expects to close approximately 120 stores starting in fiscal 2015 through 2017. These 120 store closings are expected to ultimately result in expense savings of approximately $55.2 million upon completion. In the fourth quarter of 2014, the company recorded pre-tax impairment charges associated with the accelerated closures of approximately $5.3M. For fiscal 2015, the Company plans to close approximately 35 stores.
07:23 EDTCHSChico's sees FY15 CapEx $100M
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07:22 EDTCHSChico's expects to execute $250M accelerated share repurchase agreement in Q1
At the end of the fourth quarter, the company had $290M remaining under its existing authorization.
07:21 EDTCHSChico's reports Q4 comparable sales growth of 4.3%
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07:20 EDTCHSChico's reports Q4 adjusted EPS 5c, consensus 2c
Reports Q4 revenue $656.91M, consensus $639.93M
February 25, 2015
09:08 EDTCHSOn The Fly: Pre-market Movers
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06:28 EDTCHSSycamore cancels attempt to buy Chico's, WSJ says
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February 24, 2015
09:59 EDTCHSChico's management to meet with Oppenheimer
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