Christopher & Banks (CBK) Oct Comps Down 3%; Guides Lower

Christopher & Banks Corporation (NYSE: CBK) said October same-store sales declined 3%.

For the third quarter ending November 25, 2006, assuming November same-store sales are similar to October levels, earnings are now anticipated to be in the range of $0.24 to $0.25 per diluted share, compared to prior third quarter earnings per share guidance of $0.31 to $0.32 per diluted share.

For the fiscal year ending March 3, 2007, the Company now expects earnings of $1.07 to $1.09 per diluted share, compared to prior fiscal 2007 earnings per share guidance of $1.14 to $1.16.

Joe Pennington, Chief Executive Officer, commented, "We are disappointed that the sales momentum we had in September did not continue into October. In retrospect, we believe we were not aggressive enough in clearing Fall merchandise during the first half of the month, and, we moved our first Holiday delivery to the front of the store too quickly."

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