Christopher & Banks Corp. (CBK) on Friday reported a turnaround to profit in the first quarter, as the specialty women's apparel retailer benefited from strong revenue growth and higher same-store sales in addition to flat expenses. Both revenue and earnings per share for the quarter beat analysts' expectations. Following the news, shares of the company are gaining almost 7 percent in pre-market trades.
LuAnn Via, president and CEO of Christopher & Banks, said, "...we continue to win customers over with a merchandise assortment that appeals to her tastes as well as her sense of value. In addition, our marketing programs have garnered a highly favorable response and created excitement in our stores."
Plymouth, Minnesota-based Christopher & Banks' first-quarter net income was $0.63 million or $0.02 per share, compared to net loss of $13.41 million or $0.38 per share in the prior-year quarter.
The latest quarter's results include a non-cash asset impairment charge of $0.1 million, while the year-ago period included a credit of $0.8 million or $0.02 per share related to the non-cash asset impairment and restructuring charges.
On average, three analysts polled by Thomson Reuters expected the company to report loss of $0.07 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter grew 16 percent to $108.52 million from $93.62 million in the same period last year. Analysts had a consensus revenue estimate of $105.31 million.
Same-store sales for the quarter increased 23.4 percent, compared to the year-ago period. During the quarter, the company operated an average of 10.5 percent fewer stores than during the same period last year.
Total costs and expenses for the quarter of $107.74 million were almost flat with the year-ago period. Merchandise, buying and occupancy costs as well as depreciation and amortization expenses declined from last year. Meanwhile, selling, general and administrative expenses rose from the prior year.
Looking ahead to the second quarter, Christopher & Banks forecasts gross margin improvement of 450 to 550 basis points and same-store sales to increase in a range of 8 to10 percent. The company also projects average store count to be down 9 percent, as compared to last year.
For fiscal year 2013, Christopher & Banks expects capital expenditures of about $10 million to $10.5 million, up from the prior forecast of about $9 million. The company continues to anticipate average store count for the year to be down 8 percent compared to the prior year.
The company expects to open five outlet stores, two new missy, petite and women or MPW stores, and to convert twelve existing stores to six MPW stores.
CBK closed Thursday's trading at $6.83. In Friday's pre-market, the stock is up $0.47 or 6.88 percent to $7.30.
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