Christopher & Banks Corporation Expects Q4 EPS of $0.47 to $0.51.

Christopher & Banks Corporation CBK today announced preliminary results for the fiscal fourth quarter and full year ended February 26, 2011. For the fourth quarter of fiscal 2011, the Company expects to report net sales of $99.6 million, as compared to $101.9 million in the same period last year, reflecting a 1% decline in same-store sales. The Company also expects fourth quarter gross margin to decrease by 900 to 1,000 basis points, as compared to last year's fourth fiscal quarter, primarily due to increased markdowns. SG&A expense is expected to be approximately $35 million for the quarter. As a result, the net loss per share for the fourth quarter is expected to range from $0.47 to $0.51. Anticipated results include a pre-tax, non-cash charge associated with asset impairment for underperforming stores of approximately $2.8 million, or $0.06 per share, and an effective tax rate in the mid-to-high teens.