NEW YORK (TheStreet) -- Shares of Christopher & Banks  (CBK) - Get Report plummeted 28.57% to $6.50 in afternoon trading Tuesday after the women's clothing company reduced its third-quarter guidance.

The company now expects total net sales in the range of $114 million to $118 million, down from its previous guidance of $122 million to $124 million. Christopher & Banks reported net sales of $118.1 million in the same quarter last year.

Analysts expect Christopher & Banks to report sales of $123.98 million.

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The company cited "continued softness in mall traffic" and lower-than-expected sales from its September fashion show. Christopher & Banks said fashion merchandise demand exceeded planned inventory levels and also pointed to late receipts tied to West Coast port disruptions.

More than 1.8 million shares had changed hands as of 1 p.m., compared to the average volume of 289,057.

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