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Last Update: 23-Dec-11 09:57 ET
Christopher & Banks Up Modestly On Earnings Results
Christopher & Banks ($2.38 +0.03) is up modestly following its third quarter earnings results, which were released after the close yesterday.
Late yesterday, the company reported a third quarter loss of ($0.45) per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of ($0.50).
Revenues rose 2.5% year/year to $123.9 million versus the $124 million consensus.
Larry Barenbaum, Chief Executive Officer, commented, "We were clearly disappointed in the results for the quarter. In response to the slow sell-through, we aggressively promoted merchandise to drive customer purchasing and move through seasonal inventory, which resulted in significant erosion of our gross margins. We expect that these challenges and merchandise margin pressures will continue in the fourth quarter given that we still need to work through current product. Looking ahead, we remain focused on completing our previously announced store closing plan, disciplined inventory management and expense controls, and improved product execution."
Late yesterday, the company reported a third quarter loss of ($0.45) per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of ($0.50).
Revenues rose 2.5% year/year to $123.9 million versus the $124 million consensus.
Larry Barenbaum, Chief Executive Officer, commented, "We were clearly disappointed in the results for the quarter. In response to the slow sell-through, we aggressively promoted merchandise to drive customer purchasing and move through seasonal inventory, which resulted in significant erosion of our gross margins. We expect that these challenges and merchandise margin pressures will continue in the fourth quarter given that we still need to work through current product. Looking ahead, we remain focused on completing our previously announced store closing plan, disciplined inventory management and expense controls, and improved product execution."
