Christopher & Banks (CBK) Prelim. Q3 Revenue Tops Views; Comps Rose 4.5%
- Dow, S&P 500 surge to highs; transports set record
- Unusual 11 Mid-Day Movers 12/7: (ANTH) (EMKR) (PLAY) Higher; (SIGM) (OHAI) (FTK) Lower
- Abbott (ABT) Files Complaint to Terminate Alere (ALR) Acquisition
- Western Digital (WDC) Raises Q2 Outlook
- Biotech, Pharma Stocks Weaker Amid Trump Comments on Lower Drug Prices
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Christopher & Banks Corporation (NYSE: CBK), a specialty women’s apparel retailer, today announced preliminary results for its third quarter ended October 29, 2016.
For the third quarter, the Company currently expects:
- Net sales of approximately $106.2 million while operating on average 506 stores as compared to last year’s third quarter net sales of $103.6 million, while operating on average 533 stores. (The Street was looking for revenue of $104.6 million.);
- Comparable sales to increase 4.5% compared to a 6.7% decrease in last year’s third quarter;
- Gross margin to be at the high end or above its guidance of 35% to 36%, as compared to 35.8% in last year’s third quarter;
- SG&A to be at or below the low end of its guidance which was $33.0 million as compared to $33.6 million in last year’s third quarter;
- Inventory on-hand at the end of the quarter to be 3% to 4% below last year’s third quarter; and
- Cash and cash equivalents at the end of the quarter to be between $25 million and $26 million.
LuAnn Via, President and Chief Executive Officer, stated, "Overall, we are very pleased with our performance during the third quarter as our customers responded favorably to our merchandise assortment and our marketing efforts. Our initiatives are beginning to take hold as we were able to drive positive comparable sales in all three months while maintaining gross margin, despite a continuation of negative mall traffic trends, a highly promotional environment and unseasonably warm weather. I am proud of our team for executing well in a difficult retail environment. We look forward, during our upcoming earnings call, to discussing our third quarter results in more detail in addition to providing an update on our initiatives to return to long-term growth and profitability while reducing expenses and improving operational efficiencies.”
Conference Call Information
The Company’s third quarter 2016 earnings release and conference call is currently scheduled for the morning of Thursday, December 1, 2016. On the conference call, the Company expects to provide further commentary on its third quarter results and its expectations for the remainder of the fiscal year. Further details regarding the earnings conference call are expected to be announced on or about November 17, 2016.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Vera Bradley (VRA) Tops Q3 EPS by 1c; Offers Light Q4 Outlook; Enters New Licensing Agreements
- NV5 Global (NVEE) Announces Acquisition of CivilSource
- SunPower (SPWR) to Commence Restructuring; Sees Charges; Offers FY17 Outlook
Create E-mail Alert Related CategoriesCorporate News, Guidance, Hot Corp. News, Hot Guidance, Retail Sales
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!