Christopher & Banks Corporation (NYSE: CBK), a specialty women’s apparel retailer, today announced preliminary financial results for its fiscal third quarter ended November 26, 2011. The Company also announced that, given the Company’s recent financial performance and the current business environment, the Board of Directors has suspended the payment of a quarterly dividend.
For the third quarter of fiscal 2012:
- Net sales are expected to be $123.9 million, as compared to $120.9 million in the same period last year. Comparable store sales were essentially flat for the quarter.
- Gross margin is expected to be in the range of 21.3% to 21.7%, as compared to 35.9% in the same period last year.
- SG&A expenses are expected to be approximately $38.0 million to $39.0 million, compared to $37.6 million for last year’s third fiscal quarter.
- Cash, cash equivalents and investments are expected to total approximately $75 million at the end of the fiscal quarter.
The Company anticipates reporting an operating loss for the quarter but is still in the process of completing its asset impairment analysis for the quarter. Therefore, it is not providing more specific information regarding the anticipated operating loss or the anticipated net loss per share for the quarter until its earnings announcement on December 22, 2011.
Larry Barenbaum, President and Chief Executive Officer, commented, “We are clearly disappointed in our third quarter performance. We were more aggressive in our promotions in order to drive sales and move through seasonal inventory, which resulted in flat comparable store sales although at sharply lower gross margins. Based on our recent performance and the view that we should preserve cash to provide us greater financial flexibility, the Board of Directors has made the decision to suspend our dividend. We will provide additional detail on our initiatives and on the store closings announced on November 11, 2011 during the earnings conference call scheduled for December 22, 2011.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV