Christopher & Banks Corp. (CBK) Wednesday reported a fourth-quarter loss that narrowed from last year, as the women apparel retailer benefited from higher sales as well as lower merchandise and other expenses. Following the news, shares of the company gained about 7 percent in after-hours trade on the New York Stock Exchange, upon the news.
"We are delighted with the continued momentum in our business in the fourth quarter due to the ongoing execution of our strategic initiatives. Our customers responded very favorably to our well-balanced merchandise offering...," said CEO LuAnn Via.
The Plymouth, Minnesota-based company reported a fourth-quarter net loss of $4.05 million or $0.11 per share, compared with a net loss of $53.22 million or $1.50 per share in the prior year year.
Results for the prior year included impairment and other charges of $21.2 million.
Analysts polled by Thomson Reuters estimated a loss of $0.18 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter were $116 million, compared with $105.6 million last year. On a same-store basis, sales improved 18.5 percent.
Total expenses for the quarter slid to $120 million from $159 million last year.
For the first quarter, the company expects same-store sales to increase in the low twenty percent range.
For fiscal year 2013, the company expects capital expenditures to be about $9 million.
It anticipates average store count to be down 11 percent for the first quarter and 8 percent for the fiscal year.
The company has been continuing its real estate restructuring efforts. During the quarter, it closed 30 stores and converted 13 dual stores back into its namesake stores.
Shares of the company closed Wednesday at $6.57, up 2.82%. In after hours, the stock gained $0.34 or 5.17% at $6.91. In the past year, the stock has traded in a range of $1.01 - $6.70.
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