Christopher & Banks 2Q Loss Tops Estimates

MINNEAPOLIS (AP) — Clothing retailer Christopher & Banks Corp. said Thursday it slid to a second-quarter loss from a year-ago profit as sales fell by 21 percent, but results still topped Wall Street expectations.

The Minneapolis-based seller of women's clothing lost $2.1 million, or 6 cents per share, in the quarter that ended Aug. 29. A year earlier, the company earned a profit of $836,000, or 2 cents per share.

Revenue fell to $101.2 million from $128.5 million. However, the company said fewer markdowns helped buoy profit margins.

On average, analysts surveyed by Thomson Reuters expected a larger loss of 14 cents per share on sales of $103.6 million.

Sales at stores open at least a year fell 22 percent. CEO Lorna Nagler said that decline was in line with expectations "given the planned lower level of clearance inventory and fewer receipts in June and July, coupled with a continuation of weak traffic trends."

Same-store sales are a key metric of a retailer's health because it is not skewed by new store openings.

Christopher & Banks predicted third-quarter same-store sales would fall by a low to mid-teens percentage.

Shares fell 7 cents to close at $7.82 on Thursday.