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