Christopher & Banks Cuts Outlook - TheStreet

Retailer

Christopher & Banks

(CBK) - Get Report

joined the list of companies to guide earnings expectations lower Tuesday.

The women's clothing seller said it expects fourth-quarter earnings of 24 to 27 cents a share, compared with analysts' estimates for 29 cents a share, according to Thomson First Call. The company said it predicts full-year earnings between $1.05 and $1.08 a share, below forecasts for $1.13 a share.

"We have continued to see a cautious consumer thus far in December," said Bill Prange, chief executive of Christopher & Banks. "In addition, business has been impacted by snowstorms in many of our market areas and intense competition in our market segment."

The retailer said it is planning for a 7% to 8% decline in December same-store sales. It is also projecting a 3% to 6% drop in same-store sales for the fourth quarter.

Earlier, cardmaker

American Greetings

(AM) - Get Report

said holiday sales were worse than expected, and it reduced its outlook. Elsewhere, in the drug sector, medical device maker

Baxter

(BAX) - Get Report

cut its 2003 estimate.

Shares of Christopher & Banks closed down $1.15, or 5.3%, to $20.65. The company reported third-quarter earnings of $11.4 million, or 29 cents a share, compared with $11.3 million, or 28 cents, a year ago.