Christopher & Banks Moves To Fiscal 3Q Loss

MINNEAPOLIS (AP) -- Christopher & Banks Corp. moved to a fiscal third-quarter loss, dragged down by declining revenue and a hefty charge.

The specialty women's clothing company said late Wednesday that it lost $9.2 million, or 26 cents per share, for the period ended Nov. 27. That compares with a profit of $7 million, or 19 cents per share, a year earlier.

Christopher & Banks said its quarterly results included a charge of 36 cents per share for a valuation allowance related to its deferred tax assets.

Analysts surveyed by Thomson Reuters, whose estimates usually remove one-time items, predicted a loss of 6 cents per share.

Revenue dropped 8 percent to $120.9 million from $132 million, but topped Wall Street's $118.3 million.

Revenue at stores open at least a year fell 7 percent in the quarter. This figure is a key indicator of a retailer's health because it measures results at existing stores instead of newly opened ones.

Looking ahead to the fourth quarter, Minneapolis-based Christopher & Banks anticipates that revenue at stores open at least a year will be flat to low-single digits.

Christopher & Bank had 789 stores in 46 states as of Wednesday.

The company's stock fell 9 cents to $5.66 in afternoon trading.

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