Christopher & Banks 4Q loss narrows

16/04/2010 16:18

Clothing retailer Christopher & Banks Corp. postedJordan 8 a narrower loss in the fourth quarter and beat the estimate of analysts, who expected a steeper loss.Nike Zoom Lebron V The company also finished the year turning a profit, also reversing a loss from last year. The Minneapolis-based seller of women's clothing lost $6.4 million, orJordan 9 18 cents per share, in the quarter that ended Feb. 27. A year earlier, the company posted a loss of $28.8 million, or 82 cents a share. Nike Zoom Lebron VIThe company said during the quarter it incurred a $2.9 million store asset impairment charge. Revenue fell about 2 percent to $101.9 million from $103.9 million. However, the company said fewer markdowns helpedNike Zoom Mvp X Nash buoy profit margins. On average, analysts surveyed by Thomson Reuters expected a larger loss of 27 cents per share on sales of Paul Pierce$100.3 million. Sales at stores open at least a year fell 4 percent. That metric is considered a key figure in retail because itPenny Hardaway measures growth at existing stores, rather than including new ones. CEO Lorna Nagler said the company noted positive same-store sales gains inTony Parker the last two months of the year and is making progress on improving its operations. The recession has put a damper on the apparel industry because shoppers are focusing on only the basics so they can save money. For the fiscal year, the company earned $158,000, or zero cents a share.Jordan 4 In the prior fiscal year, the company lost $12.8 million, or 36 cents a share. Christopher & Banks predicted an increase in sales at stores open at least a year in the mid to high single digits in Jordan 1the first quarter. The company also said it expects its capital expenditures to be between $12 million and $14 million for the year. Christopher & Banks plans to open about 10 new stores this year and close 25 existing ones. Shares closed up 53 cents, or 5 percent, toJordan 2 $10.77 on Thursday. The panel's report noted that Washington Mutual was Jordan 3the largest financial institution overseen by OTS and that fees paid by the thrift accounted for between 12 percent and 15 percent of OTS's budget between 2005 and 2008. In an email obtained by the subcommittee, Reich referred to then-Washington Mutual CEO Kerry Killinger as "my largest constituent." "Regulations only work if the regulators stay at arms length from Jordan 5 those that they regulate," Levin told reporters. "And too often in this case, WaMu regulators were not at arms length, they were arm in arm." Friday's hearing will be the second of four held by the subcommittee.Jordan 6 The first, on Tuesday, also focused on Washington Mutual and examined the role of high-risk loans in the financial crisis. The next hearing, on April 23, will look at the role of Jordan 7 rating agencies. The final hearing, on April 27, will examine the role of investment banks.