Christopher & Banks rises after posting 3Q profit
NEW YORK (AP) — Shares of Christopher & Banks Corp. rose 17 percent in aftermarket trading Thursday after the women's clothing retailer said it turned a profit in the third quarter after a lengthy string of losses.
Christopher & Banks has closed more than 100 stores over the last year, but the company's revenue improved as sales at its remaining locations picked up. Christopher & Banks said its last comparable-period quarterly profit was 10 quarters ago.
The company's shares rose 17 cents, or 4.9 percent, to $3.67, on Thursday and gained another 67 cents, or 17.2 percent, to $4.30 aftermarket. The retailer's stock last traded over $4 in September 2011.
For the quarter ended Oct. 27, Christopher & Banks said its net income totaled $3.6 million, or 10 cents per share. In the same period a year ago, the company took a loss $13.7 million, or 39 cents per share. Revenue rose 2 percent, to $117.3 million from $114.6 million.
Sales at locations open at least a year rose 13.7 percent, the company said. Revenue from stores that have been open at least a year is considered a key measurement of retailer health because it excludes results from stores that opened or closed within the last 12 months.
Christopher & Banks as 637 stores in 44 states, including 386 Christopher & Banks stores and 171 CJ Banks stores, which sell plus size women's clothing. It also has 55 "dual" Christopher & Banks/CJ Banks locations and 25 outlet stores.
