Christopher & Banks Corporation Reports March Same-Store Sales
MINNEAPOLIS, April 3, 2003 -- Christopher & Banks Corporation (NYSE: CBK) today reported total sales for the four-week period ended March 29, 2003 increased 15% to $26.8 million from $23.3 million last year, while March same-store sales declined 6%. As of March 29, 2003, the Company operated 449 stores compared to 361 stores as of March 30, 2002.
Bill Prange, Chairman and Chief Executive Officer, commented, "March same-store sales, while negative, were better than expected given the shift of pre-Easter business into April this year versus being in March last year. We estimate that approximately four percentage points of the decline in same-store sales can be attributed to this calendar shift. For purposes of year-over-year comparisons, March and April should be viewed as one sales period."
Mr. Prange concluded, "While we are encouraged by our March results, we remain cautiously optimistic regarding the future as the retail landscape continues to be challenging and may be further impacted by the uncertain economic and geopolitical environment."
The Company also announced it repurchased an additional 72,000 shares of its common stock in the open market from March 7, 2003 through April 2, 2003. This brings the total number of shares repurchased under the Company's recently announced $20 million stock repurchase program to 1,072,000.
As previously announced, the Company plans to report fiscal 2003 fourth quarter and full year results after the market closes on Wednesday, April 9, 2003.
Christopher & Banks Corporation is a Minneapolis-based specialty retailer of women's clothing providing exclusive fashions under the Christopher & Banks and C.J. Banks labels. Currently, the Company operates 449 stores in 37 states, located primarily in the northern half of the United States. For more information on Christopher & Banks Corporation, visit the Company's website at www.christopherandbanks.com.
This release contains forward-looking statements regarding future performance of the Company. The achievement of such results is subject to certain risks and uncertainties, including changes in economic, market and weather conditions, the effect of consumer tastes and spending habits, the realization of expected economies gained through the use of private label and direct import merchandise, management of growth and other factors outside the Company's control, including factors discussed from time to time in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof.
The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that may arise after the date hereof.
CONTACT: Christopher & Banks Corporation Bill Prange, Chairman and Chief Executive Officer +1-763-551-5000 FD Morgen-Walke Investor Relations: Cara O'Brien, Athan Dounis Media Relations: Stephanie Sampiere +1-212-850-5600