Christopher & Banks Corporation Reports May Sales Results; May Same-Store Sales Increase 8%; Company Increases First Quarter and Full Year Fiscal 2007 Earnings Estimates.MINNEAPOLIS -- 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 total sales for the four-week period ended May 27, 2006 increased 19% to $46.6 million from $39.3 million in the same period last year. 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. for the month of May rose 8%. For the first quarter ended May 27, 2006, total sales increased 16% to $142.5 million from $122.7 million in the prior year period, while same-store sales increased 7%. During the first quarter, the Company opened 35 new stores and closed one store, bringing the total number of stores as of May 27, 2006 to 739 compared to 660 stores as of 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, commented, "Our 8% increase in May same-store sales exceeded internal expectations. Changes in our product 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. have been very well received by our customers, and we expect to report record first quarter earnings as a result of robust sales and strong merchandise margins." Financial Outlook Due to continued strong performance, the Company has increased its earnings guidance for its fiscal first quarter ended May 27, 2006, to $0.36 to $0.38 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 from $0.34 to $0.35 per diluted share. First quarter guidance takes into account the impact of expensing stock based compensation. In last year's first quarter, the Company earned $0.26 per diluted share. For the fiscal year ending March 3, 2007, the Company has increased its fiscal 2007 earnings guidance to $1.03 to $1.08 per diluted share from $1.01 to $1.05 per diluted share. Full year earnings guidance includes approximately $0.07 per diluted share from the effect of expensing stock based compensation. In fiscal 2006, the Company earned $0.84 per diluted share. Fiscal 2007 first quarter earnings will be reported after the market close on June 20, 2006. About Christopher & Banks Christopher & Banks Corporation is a Minneapolis-based specialty retailer of women's clothing. The Company operates 739 stores in 45 states under the names: Christopher & Banks, C.J. Banks and Acorn. The Company currently has 513 Christopher & Banks stores, 198 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 first quarter and fiscal 2007 earnings estimates. The achievement of such results is subject to certain risks and uncertainties, including changes in economic, market and weather conditions, the effect of consumer tastes and spending habits, the realization 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. |
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