Christopher & Banks Corporation Reports May Same-store Sales.Business Editors/Retail Writers MINNEAPOLIS--(BUSINESS WIRE)--June 7, 2001 - The Company Expects to Announce Record First Quarter EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. in the Range of $0.37 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 - Christopher & Banks Corporation (Nasdaq: CHBS), formerly Braun's Fashions Corporation, today reported flat 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 its four-week period ended June 2, 2001. This follows a strong same-store increase of 24% in May 2000. Total sales for the four-week period ended June 2, 2001 rose 26% to $18.3 million from $14.5 million last year. For the first quarter ended June 2, 2001, same-store sales increased 9%. Total sales for the first quarter increased 36% to $57.5 million from $42.3 million last year. As of June 2, 2001, the Company operated 315 stores compared with 242 stores as of May 27, 2000. The Company also announced that it expects to report record first quarter earnings in the range of $0.37 to $0.38 per diluted share compared to $0.29 per diluted share in last year's first quarter. Earnings for the first quarter ended June 2, 2001 will be reported on June 21, 2001 before the market opens. Bill Prange, Chairman and Chief Executive Officer of Christopher & Banks commented, "May sales performance was impacted by unseasonably cool and rainy rain·y adj. rain·i·er, rain·i·est Characterized by, full of, or bringing rain. rain  i·ness n.Adj. weather in much of our market area which affected consumer response to our summer offerings. Despite the challenging retail environment, merchandise margins for the first quarter were in-line with the historically high levels achieved last year. This sustained margin performance, combined with a 36% increase in total sales for the quarter, will enable us to report record first quarter earnings. We continue to manage our business with a focus on the bottom line and our anticipated first quarter earnings clearly reflect that commitment." Mr. Prange concluded, "Looking forward to the second quarter and balance of the year, we remain comfortable with our ability to achieve mid single digit A single character in a numbering system. In decimal, digits are 0 through 9. In binary, digits are 0 and 1. digit - An employee of Digital Equipment Corporation. See also VAX, VMS, PDP-10, TOPS-10, DEChead, double DECkers, field circus. same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of increases. We are on track to open more than 80 stores during the year and we are pleased with the initial performance of the 43 new stores opened during the quarter. This store growth, coupled with the continued strength of the Christopher & Banks and CJ Banks brands, points toward excellent growth prospects in the future." Christopher & Banks Corporation is a Minneapolis-based specialty retailer of women's clothing providing exclusive fashions under the Christopher & Banks and CJ Banks labels. Presently, the Company operates 315 stores in 29 states, located primarily in the Northern half of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . 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 future performance of the Company. 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. For more information on Christopher & Banks Corporation, visit our website at www.christopherandbanks.com |
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