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Christopher & Banks Corporation
CBK, a specialty women's apparel
retailer, today announced that, based upon sales to-date, the Company now
expects to report a comparable store sales increase in the high teens for the
fourth fiscal quarter as compared to the Company's previous guidance of a
comparable store sales increase in the high single to low double digits. The
Company also announced that it expects cash and cash equivalents at the end of
the fourth fiscal quarter (February 2, 2013) to be in the range of $37 million
to $38 million.
The Company also reiterated its previous guidance that it expects:
* merchandise margins in the fourth fiscal quarter to exceed those in the
comparable period last year, but to be seasonally lower than the third
fiscal quarter, consistent with the Company's historical performance;
* 400 to 500 basis points of positive leverage of occupancy expense for the
14-weeks ended February 2, 2013 when compared to the comparable prior year
period, based on store closings and rent restructurings; and
* SG&A expenses for the fourth fiscal quarter, a 14-week period, to be in
the range of $36 million to $37 million.
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