Shares of Christopher & Banks Corporation (NYSE: CBK), a retailer of womenâ€™s apparel, surged in trading today.
CBK shares ended the day 23.46% higher at $2on above average volume of 538,990. The stock touched an intra-day high of $2.22 in trading today.
Christopher & Banks shares surged after the company provided outlook for its fiscal second quarter ending July 28, 2012. CBK said that comparable store sales for the second quarter are expected to rise between 5% and 5.5%. The increase reflects an improved sell-through rate of merchandise and increased traffic, which led to a higher number of transactions per store.
Sales for the second quarter are expected to be between $102 million and $103 million. This compares to sales of $105.6 million reported for the same period last year. Gross margin for the quarter is expected to be between 26.2% and 26.4%.
Joel Waller, President and CEO of Christopher & Banks, said that while the company remains in the early stages of its turnaround plan, its initiatives are gaining traction. Waller said that CBKâ€™s new merchandising and marketing strategies are starting to show progress. Waller added that strategic initiatives underway to reinvigorate sales through in-store merchandise presentation and optimization of selling staff are also yielding improved performance.