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Reuters
Published
Sep 24, 2009
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Christopher & Banks posts narrower-than-expected loss

By
Reuters
Published
Sep 24, 2009

Sept 24 (Reuters) - Women's apparel retailer Christopher & Banks Corp (CBK.N) posted a narrower-than-expected second-quarter loss, helped by lower expenses and reduced inventory levels.

Christopher & Banks
Photo: www.christopherandbanks.com

The company expects same-store sales in the third quarter to decline in low to mid-teens.

The company, which caters to baby boomers, reported a second-quarter net loss of $2.1 million, or 6 cents a share, compared with a profit of $836,000 or 6 cents a share, last year.

The company, which operates the Christopher & Banks and CJ Banks chains, posted sales of $101.2 million, down 21 percent.

Analysts on average were expecting the company to lose 14 cents a share, before items, on revenue of $103.45 million, according to Reuters Estimates.

Selling, general and administrative expenses fell 20 percent to $32.2 million.

Shares of the Plymouth, Minnesota-based retailer, closed at $7.82 Thursday 24 September on the New York Stock Exchange. (Reporting by Abhishek Takle in Bangalore; Editing by Pradeep Kurup)

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