Christopher & Banks Corporation Initiates Quarterly Cash Dividend
MINNEAPOLIS, Sept. 4, 2003 -- Christopher & Banks Corporation (NYSE: CBK) today announced that its Board of Directors has declared a quarterly cash dividend of $0.04 per share, to be payable October 6, 2003, to shareholders of record at the close of business on September 19, 2003.
Bill Prange, Chairman and Chief Executive Officer, commented, "By initiating a dividend, our Board of Directors has demonstrated its ongoing commitment to enhancing shareholder value and broadening our investor base. The strength of our balance sheet and the substantial free cash flow generated by our business give us the financial flexibility to pay dividends to return capital to our shareholders even as we continue to substantially increase the number of stores we operate."
Mr. Prange concluded, "Initiating a dividend serves as a vote of confidence in the future growth prospects of Christopher & Banks and reflects our commitment to encouraging long-term investment by a diverse shareholder base."
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 494 stores in 41 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.
Contacts: Bill Prange, Chairman and Chief Executive Officer 763-551-5000 Financial Dynamics Investor Relations: Cara O'Brien or Melissa Myron Media Relations: Stephanie Sampiere 212-850-5600