Christopher & Banks Corporation Reports First Quarter Results; First Quarter Same-Store Sales Increase 7%; First Quarter Net Income Increases 57% to $14.6 Million.MINNEAPOLIS Minneapolis (mĭn'ēăp`əlĭs), city (1990 pop. 368,383), seat of Hennepin co., E Minn., at the head of navigation on the Mississippi River, at St. Anthony Falls; inc. 1856. -- Christopher & Banks Corporation (NYSE NYSE See: New York Stock Exchange : CBK CBK Common Body of Knowledge CBK Commerzbank AG CBK Central Bank of Kuwait CBK Commercial Bank of Kuwait CBK Christiania Bank og Kreditkasse CBK Campus Beiaard Kring CBK Cannabis-Bundeskonferenz (Germany) ) today reported results for the first quarter ended May 27, 2006. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight in the first quarter increased 16% to $142.5 million, from $122.7 million in the prior year period, while same-store sales Same-store sales is a business term which refers to the revenue generated by one of a retail chain's specific outlets during a certain period of time (often a fiscal quarter or a particular shopping season), compared to an identical period in the past, usually in the previous year. increased 7%. Net income for the first quarter increased 57% to $14.6 million, or $0.39 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with $9.3 million, or $0.26 per diluted share, in the year ago period. The Company opened 35 new stores and closed one store in the first quarter bringing the total number of stores to 739 as of May 27, 2006, compared to 660 stores at May 28, 2005. Joe Pennington Joe Pennington, aka "Joe Penny," (born January 15, 1928 in Plant City, Florida) is a former lead guitarist for Hank Williams' backing band, the Drifting Cowboys. After leaving the Drifting Cowboys in 1948, Pennington continued to perform and recorded several pioneering , Chief Executive Officer of Christopher & Banks Corporation, commented, "We are very pleased to report a strong fiscal first quarter. Our results exceeded our internal plan and were driven by strong sales growth and significantly improved merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain margins. We are particularly happy with our 57% increase in first quarter net income, which at $14.6 million was the highest for any quarter in the Company's history." Mr. Pennington The name Pennington can refer to a number of different persons, places, and things. Place names In the United States
n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that customer reaction to changes in our merchandise assortment assortment /as·sort·ment/ (ah-sort´ment) the random distribution of nonhomologous chromosomes to daughter cells in metaphase of the first meiotic division. as·sort·ment n. will remain strong." Financial Outlook For the second quarter ending August 26, 2006, earnings are anticipated to be in the range of $0.17 to $0.19 per diluted share. Second quarter guidance takes into account $0.02 per diluted share for the impact of expensing stock-based compensation. In last year's second quarter, the Company earned $0.16 per diluted share. For the fiscal year ending March 3, 2007, the Company has increased its guidance to $1.06 to $1.10 per diluted share. Full year earnings guidance includes approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $0.08 per diluted share from the effect of expensing stock-based compensation. In fiscal 2006, the Company earned $0.84 per diluted share. The Company will discuss its first quarter results in a conference call scheduled for today, June 20, 2006, at 5:00 p.m. Eastern Time. The conference call will be simultaneously si·mul·ta·ne·ous adj. 1. Happening, existing, or done at the same time. See Synonyms at contemporary. 2. Mathematics broadcast live over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at http://www.christopherandbanks.com. Christopher & Banks Corporation is a Minneapolis-based specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. retailer of women's clothing. The Company currently operates 741 stores in 45 states under the names: Christopher & Banks, C.J. Banks and Acorn. The Company currently has 514 Christopher & Banks stores, 199 C.J. Banks stores and 28 Acorn stores. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding the Company's projected earnings in the second quarter and for the fiscal year ending March 3, 2007. The achievement of such results is subject to certain risks and uncertainties and actual results may differ materially from those projected. Such risk factors include, but are not limited to, changes in economic, market and weather conditions, the effect of consumer tastes and spending habits, the realization (specification) realization - A UML semantic relationship between a classifier that specifies a contract and another classifier that guarantees to carry it out. [Handout by Mr. David Gillibrand]. of expected economies gained through the use of private label and direct import merchandise, management of growth and other factors outside the Company's control, including factors discussed from time to time in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or that may arise after the date hereof.
CHRISTOPHER & BANKS CORPORATION
UNAUDITED COMPARATIVE INCOME STATEMENT
FOR THE QUARTERS ENDED
MAY 27, 2006 AND MAY 28, 2005
(in thousands, except per share data)
Quarter Ended
---------------------
May 27, May 28,
2006 2005
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Net sales $ 142,530 $ 122,678
Costs and expenses:
Merchandise, buying and occupancy 78,562 72,073
Selling, general and administrative 36,081 31,292
Depreciation and amortization 4,981 4,477
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Total costs and expenses 119,624 107,842
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Operating income 22,906 14,836
Interest income 962 327
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Income before income taxes 23,868 15,163
Income tax provision 9,261 5,853
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Net income $ 14,607 $ 9,310
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Basic earnings per share:
Net income $ 0.40 $ 0.26
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Basic shares outstanding 36,408 35,752
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Diluted earnings per share:
Net income $ 0.39 $ 0.26
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Diluted shares outstanding 37,032 36,104
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Dividends per share $ 0.04 $ 0.04
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CHRISTOPHER & BANKS CORPORATION
UNAUDITED COMPARATIVE BALANCE SHEET
(in thousands)
May 27, May 28,
2006 2005
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ASSETS
Current assets:
Cash and cash equivalents $ 68,067 $ 31,535
Short-term investments 44,525 34,766
Merchandise inventories 42,937 36,620
Other current assets 11,309 11,277
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Total current assets 166,838 114,198
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Property, equipment and improvements, net 121,686 112,759
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Other assets:
Goodwill 3,587 3,587
Other 927 975
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Total other assets 4,514 4,562
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Total assets $ 293,038 $ 231,519
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 6,447 $ 7,097
Accrued liabilities 35,032 18,877
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Total current liabilities 41,479 25,974
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Other liabilities:
Deferred lease incentives 21,338 19,868
Other 12,509 13,721
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Total other liabilities 33,847 33,589
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Stockholders' equity:
Common stock 435 426
Additional paid-in capital 77,697 61,900
Retained earnings 200,156 170,206
Common stock held in treasury (60,576) (60,576)
---------- ----------
Total stockholders' equity 217,712 171,956
---------- ----------
Total liabilities and stockholders' equity $ 293,038 $ 231,519
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