Christopher & Banks Corporation (NYSE: CBK) reported total sales for the four-week period ended December 28, 2002 increased 20% to $47.8 million from $39.8 million last year, while December same-store sales declined 2%.
For the ten months ended December 28, 2002, total sales increased 25% to $291.2 million from $232.9 million last year. Same-store sales for the year-to-date period rose 3%. As of December 28, 2002, the Company operated 439 stores compared with 353 stores as of December 29, 2001.
Bill Prange, Chairman and Chief Executive Officer commented, "December same-store sales were in line with our previously announced expectations. Merchandise margins held up reasonably well during December as we continued to conservatively manage inventories. By not engaging in special sales or promotions during the month we were able to preserve the integrity of our brands.
"While we expect the retail environment will remain difficult, given the current trends we are comfortable that we will meet the current fourth quarter consensus earnings estimate of $0.43 per diluted share."
Christopher & Banks Corporation is a Minneapolis-based specialty retailer of women's clothing providing exclusive fashions under the Christopher & Banks and C.J. Banks labels. Currently, the Company operates 439 stores in 36 states, located primarily in the northern half of the United States.
This release contains forward-looking statements 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.
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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