Shares of Christopher & Banks Corporation (NYSE: CBK), a retailer of women’s apparel, are rallying in trading today after the Plymouth, Minnesota-based company reported its third-quarter financial results.
For the third quarter ended October 27, 2012, CBK reported net sales of $117.3 million, compared to $114.6 million reported for the same period in the previous year. The company’s same-store sales for the quarter rose 13.7%. Operating income for the quarter was $3.6 million, compared to an operating loss of $14 million reported for the same period in the previous year. CBK’s net income for the quarter stood at $3.6 million, or $0.10 per diluted share, compared to net loss of $13.7 million, or $0.39 per share reported for the same period in the previous year.
Joel Waller, who was Christopher & Banks’ CEO until November 26, 2012, said that he is pleased that CBK’s strategic initiatives continue to gain traction as evidenced by the markedly improved third-quarter financial results. Waller said that the company drove strong comparable store sales growth and delivered operating income above expectations, which is a reflection of how the organization has come together to execute on its turnaround strategy.
LuAnn Via, who replaced Waller as President and CEO, said that the third-quarter results are a testament to the effectiveness of the strategy that has been put in place and is confirmation that the company is on the right path.
Looking ahead to the fourth quarter, Christopher & Banks expects comparable store sales to grow in the high-single to low-double digit range.
CBK shares rose to a 52-week high of $4.75 in trading today. At last check, the stock was trading 24.25% higher at $4.56 on above average volume of 2.01 million.
Year-to-date, CBK shares have gained more than 97%.