MINNEAPOLIS -- Christopher & Banks Corporation (NYSE: CBK) today reported November and fiscal third quarter sales results for the period ended December 1, 2007.
For the four-week period ended December 1, 2007 total sales were $48.1 million compared to $44.3 million for the four-week period ended November 25, 2006. November same-store sales for the four weeks ended December 1, 2007 are compared to the four-week period ended December 2, 2006. On this basis, same-store sales for the four-week period ended December 1, 2007 increased 1%.
Total sales for the third fiscal quarter ended December 1, 2007 were $160.0 million compared to $139.3 million for the fiscal quarter ended November 25, 2006. Same-store sales for the thirteen-week period ended December 1, 2007 increased 9% compared to the thirteen-week period ended December 2, 2006. Total sales for the nine fiscal months ended December 1, 2007 were $450.5 million compared to $413.3 million for the nine fiscal months ended November 25, 2006. Same-store sales for the thirty-nine weeks ended December 1, 2007 increased 3% compared to the corresponding thirty-nine week period ended December 2, 2006. As of December 1, 2007, the Company operated 841 stores compared to 778 stores as of November 25, 2006.
Lorna Nagler, President & Chief Executive Officer, commented "Overall, we are pleased with our performance for the third quarter. We are encouraged that November merchandise margins showed strong improvement over last year's levels. The Company continued its focus on maintaining lean inventory levels. We ended the quarter with in-store inventories on a per store basis approximately 15% lower than in-store inventories on a per store basis as of the end of last year's third quarter. We have a strong product offering in place heading into December, although, we recognize that the retail environment remains very challenging and we will manage our business accordingly."
Financial Outlook
The Company expects earnings for the third fiscal quarter to be at the high end of its previously provided guidance of $0.26 to $0.28 per diluted share. In addition, the Company also announced that it purchased 74,800 shares of its common stock in November. The company has now purchased 635,900 shares of its common stock at a total cost of approximately $9.1 million under its current $20 million repurchase program.
Third Quarter and Fiscal 2008 Reporting Date
The Company plans to report fiscal 2008 third quarter results after the market closes on Thursday, December 27, 2007.
About Christopher & Banks
Christopher & Banks is a Minneapolis-based specialty retailer of women's clothing. The Company currently operates 841 stores under the names Christopher & Banks, CJ Banks and Acorn. The Company currently has 546 Christopher & Banks stores, 256 CJ Banks stores and 39 Acorn stores.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release are forward-looking statements, made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements may use the words "expect", "anticipate", "plan", "intend", "project", "believe" and similar expressions and include the statements regarding the strength of our product offering heading into December and expectations for third quarter earnings per diluted share. These statements are based on management's current expectations and are subject to a number of uncertainties and risks, as well as assumptions that, if they do not fully materialize or prove incorrect, could cause our actual results to differ materially from those expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include, but are not limited to: (i) the inherent difficulty in forecasting consumer buying and retail traffic patterns which may be affected by factors beyond our control such as; a weakness in overall consumer demand; adverse weather, economic or political conditions; and shifts in consumer tastes or spending habits that result in reduced sales; (ii) lack of acceptance of the Company's fashions, including its seasonal fashions; (iii) escalation in energy costs; (iv) effectiveness of the Company's brand awareness and marketing programs; and (v) the possibility that, because of poor customer response to our merchandise, management may determine it is necessary to sell merchandise at lower than expected margins or at a loss. Readers are cautioned not to place undue reliance on these forward-looking statements which are based on current expectations and speak only as of the date of this release. The Company does not assume any obligation to update or revise any forward-looking statement at any time for any reason.
Certain other factors that may cause actual results to differ from such forward-looking statements are included in the Company's periodic reports filed with the Securities and Exchange Commission and available on the Company's website under "Investor Relations" and you are urged to carefully consider all such factors.