Christopher & Banks (CBK) Lowers Guidance

November 14, 2008 7:33 AM EST

Christopher & Banks Corporation (NYSE: CBK) expects to report a Q3 net loss per share from continuing operations of between $0.04 and $0.07 for the third quarter ended November 29, 2008, as compared to its previous guidance of net income per share from continuing operations in the range of $0.10 to $0.13.

Lorna Nagler, President and Chief Executive Officer, commented, "Recent economic events have adversely affected our sales as compared to our initial expectations for the quarter. In addition, we anticipate additional margin pressure for the remainder of the third fiscal quarter associated with the reduced sales outlook and the anticipated level of promotional activity among retailers. We are operating our business with the assumption that the current economic environment will remain extremely challenging and we will continue to be highly focused on managing inventory and controlling expenses during these difficult times. Nonetheless, we are confident that with the number of key initiatives already underway at the Company we are moving in the right strategic direction."

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