Christopher & Banks Q4 Loss Narrows - Quick Facts

(RTTNews) - Specialty women's apparel retailer Christopher & Banks Corp. (CBK) said that net loss for the fourth-quarter narrowed to $0.3 million or $0.01 per share, from $4.1 million or $0.11 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report a loss of $0.03 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales totaled $104.9 million, as compared to $116.0 million in the fourteen weeks ended February 2, 2013. Two analysts estimated revenues of $106.15 million for the quarter.

The fourteenth week in the fourth quarter of fiscal 2012 contributed approximately $5.1 million in net sales. During the quarter, the Company operated an average of 43, or 6.9%, fewer stores than during the comparable period last year.

Same-store sales decreased 1.4% in the thirteen weeks ended February 1, 2014, as compared to the thirteen weeks ended February 2, 2013; this follows an 18.5% same-store sales increase in last year's fourth quarter.

LuAnn Via, President and Chief Executive Officer, said, "Despite the negative sales impact from temporary store closings and challenging traffic trends caused by the multiple snow storms and arctic temperatures during the fourth quarter, we met our quarterly financial goals...... We look forward to building upon our momentum and believe that we are on track to deliver on our three-year growth plan."

For the first quarter of fiscal 2014, the company expects same-store sales to be relatively flat to last year's first quarter; and o open two new Outlet stores, convert 16 CB/CJ stores to eight MPW stores, and to close three CB stores and replace them with three new MPW stores.

For the 2014 fiscal year, the company expects capital expenditures to be approximately $23 million to $25 million; to recognize a nominal amount of tax expense, as the company's tax provisions will continue to be affected by the valuation allowance on its deferred tax assets in fiscal 2014; average store count to be down 7% and average square footage for the year to be down 4% as compared to fiscal 2013.