News Column

BRIEF: Christopher and Banks 1Q profit beats expectations

June 10, 2014

By Steve Alexander, Star Tribune (Minneapolis)



June 10--Shares of specialty women's clothing retailer Christopher and Banks Corp. rose more than 11 percent in midday trading after the firm beat first-quarter earnings estimates.

The firms is "on track to deliver on our three-year growth plan," CEO LuAnn Via said in a statement.

The stock rose 11.4 percent, or 76 cents, to $7.41 a share.

The Plymouth-based firm earned 7 cents a share, compared to the 2 centsWall Street had been expecting. Revenue of $103.4 million was slightly above the $103.2 million analysts had predicted.

A year earlier, the retailer earned 2 cents a share on revenue of $108.5 million. The company noted that it was running nearly 9 percent fewer stores in this year's first quarter compared to last year, but also said that same-store sales dropped 0.2 percent in the just-completed quarter.

"While our comparable store sales were slightly below our expectations for the quarter, we saw business improve as the weather became more seasonal, and we exceeded our gross margin expansion target," Via said.

Steve Alexander -- 612-673-4553

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Source: Star Tribune (Minneapolis, MN)