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News Breaks
January 15, 2013
16:04 EDTCBKChristopher & Banks raises Q4 SSS growth view to high teens
Previously saw Q4 SSS increase in the high single to low double digits
News For CBK From The Last 14 Days
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August 14, 2015
10:02 EDTCBKOn The Fly: Analyst Downgrade Summary
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09:22 EDTCBKChristopher & Banks downgraded to Neutral from Buy at Dougherty
06:05 EDTCBKChristopher & Banks downgraded to Hold from Buy at Brean Capital
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August 13, 2015
16:35 EDTCBKChristopher & Banks no longer sees meeting its prior full year guidance
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16:34 EDTCBKChristopher & Banks reports preliminary Q2 revenue $94M, consensus $102.24M
Comparable stores sales declined approximately 12.4%, with 56% of total stores on average included in the comparable store base, reflecting the repositioning of the store base as part of the MPW strategy. The Company currently expects gross margin to decline approximately 250 basis points versus last year's second quarter due to deleveraging as a result of lower sales. This compares to its previous guidance of flat to an increase of 50 basis points as compared to the prior year period. The Company currently anticipates SG&A for the second quarter will be approximately $30 million, which reflects both cost savings and a reduction in forecasted accrued incentives in the amount of approximately $1.6 million during the quarter. This compares to the previous SG&A outlook of between $32.5 million and $33.0 million. Inventory per square foot at the end of the quarter was up approximately 3% as compared to the level at the end of last year's second quarter. This is slightly above the Company's earlier guidance of approximately flat. LuAnn Via, President and Chief Executive Officer, stated, "We are disappointed by our financial results for the second quarter as we saw sales weaken significantly in late June and in July across all product categories. While sales were lower in all of our channels during the latter part of the quarter, our eCommerce business achieved plan for the quarter with strong double digit growth as compared to last year's second quarter. Overall, we believe that our business continued to be impacted by unfavorable macro challenges and the weakness in mall traffic. In addition, reduced levels of clearance merchandise and a more aggressive promotional environment were also contributing factors to the sales shortfall.

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