For Christopher and Banks, first-quarter profit beats expectations

  • Updated: June 10, 2014 - 7:14 PM

Christopher and Banks Corp. shares rose nearly 10 percent Tuesday after it beat estimates in its fiscal first quarter results.

The stock also may have been buoyed by the company’s outlook. The specialty women’s clothing retailer is “on track to deliver on our three-year growth plan,” CEO LuAnn Via said in a statement.

Its stock closed up 64 cents, or 9.6 percent, to $7.29 per share on the New York Stock Exchange.

The Plymouth-based firm earned $2.6 million, or 7 cents a diluted share, in the quarter that ended May 3. That was well above the 2 cents a share that Wall Street analysts expected. A year ago, the company earned $600,000, or 2 cents a share.

Revenue was $103.4 million, down 4.7 percent from $108.5 million a year ago. Sales at comparable stores were down 0.2 percent.

The company has closed less-profitable locations in the past year and operated 9 percent fewer stores in the latest period than it did a year ago.

“While our comparable-store sales were slightly below our expectations for the quarter, we saw business improve as the weather became more seasonal, and we exceeded our gross margin expansion target,” Via said.

Steve Alexander

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