Christopher & Banks Corporation Reports November Sales Results.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 of $44.3 million for the four-week period ended November 25, 2006, down modestly from $44.4 million last year. November 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. declined 8%. For the third quarter ended November 25, 2006, total sales increased 7% to $139.3 million from $130.5 million last year, while same-store sales declined 1%. For the nine months ended November 25, 2006, total sales increased 14% to $413.3 million from $363.9 million last year, while same-store sales increased 4%. As of November 25, 2006, the Company operated 778 stores compared with 707 stores as of November 26, 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, "Unfortunately, we did not experience improved sales results in November. We believe our overall Holiday assortment evolved more quickly than our core customer was willing to accept. Items featuring velvet velvet, fabric having a soft, thick, short pile, usually of silk, and a plain twill or satin weave ground. The pile surface is formed by weaving an extra set of warp threads that are looped over wires as in Wilton carpet, the rods being withdrawn after the weft , lurex, shine and other embellishments were, in hindsight hind·sight n. 1. Perception of the significance and nature of events after they have occurred. 2. The rear sight of a firearm. , not well received. Our December deliveries will be more casual in nature and more appropriate for the lifestyle of our core customer." For the third quarter ending November 25, 2006, the Company continues to expect earnings to be in the range of $0.24 to $0.25 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. Third quarter guidance takes into account a $0.02 to $0.03 per diluted share impact of expensing stock-based compensation. In last year's third quarter, the Company earned $0.24 per diluted share. The Company plans to report third quarter earnings after the market closes on December 19, 2006 and will provide an update on fourth quarter guidance at that point. The Company also announced that it repurchased 306,000 shares of common stock in fiscal November. This brings the total number of shares purchased under its $20 million share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program to 366,000 shares. About Christopher & Banks Christopher & Banks Corporation is a Minneapolis-based specialty retailer of women's clothing. The Company operates 778 stores in 45 states under the names: Christopher & Banks, C.J. Banks and Acorn. The Company currently has 524 Christopher & Banks stores, 217 C.J. Banks stores and 37 Acorn stores. This release contains forward looking statements regarding our belief that December merchandise deliveries will be more appropriate for the lifestyle of our core customer. This release also contains forward looking statements regarding the Company's earnings guidance of $0.24 to $0.25 per diluted share for the third quarter of fiscal 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, adverse changes in economic, market and weather conditions, shifts in consumer tastes and spending habits that result in decreased sales, failure to realize expected economies gained through the use of private label and direct import merchandise, problems in managing our 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 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. , 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 that may arise after the date hereof. |
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