Minneapolis-based apparel store Christopher & Banks Corporation reported results for its third quarter and nine months ended November 26, 2005.
For the third quarter, net income increased 14 percent to $8.7 million, or $0.24 per diluted share, compared with $7.6 million, or $0.21 per diluted share, as restated for lease accounting changes, in the prior period.
Net sales for the third quarter increased 8 percent to $130.5 million from $120.6 million last year, while same-store sales declined 2 percent during the quarter.
For the nine months ended November 26, 2005, net income was $23.7 million, or $0.66 per diluted share, compared with $23.2 million, or $0.63 per diluted share as restated for lease accounting changes, in the prior year period.
Net sales for the nine-month period increased 14 percent to $363.9 million from $319.6 million last year, while same-store sales rose 1 percent. As of November 26, 2005 the Company operated 707 stores compared to 648 stores at November 27, 2004.
The Company anticipates that it will incur a pre-tax charge of approximately $1.4 million in the fourth quarter related to remaining contractual payments to Bill Prange who recently resigned as the Company's Chairman and Chief Executive Officer. After taking this charge into account, the Company expects fourth quarter earnings per diluted share will range from $0.14 to $0.15 compared to $0.11 in the prior year period.
The Company will discuss its third quarter results in a conference call scheduled for today, December 20, 2005, at 5:00 p.m. Eastern Time. The conference call will be simultaneously broadcast live over the Internet at http://www.christopherandbanks.com.
marketing@alchempro.com
