Christopher & Banks 1Q profit tops Street - Billab
Revenue rose 5 percent to $126.2 million. Analysts had predicted a slightly higher increase of $128 million.
For the current quarter, the company expects sales at stores open at least a year to be similar or slightly higher than the 5 percent gain in the first quarter.
Analysts polled by Thomson Reuters expected 12 cents per share.
MINNEAPOLIS – Women’s clothing retailer Christopher & Banks Corp. said Wednesday that its net income nearly quadrupled in the latest quarter as revenue rose on stronger sales of full-priced items, sending its shares higher in after-hours trading.
The company’s net income was $6.3 million, or 18 cents per share, in its fiscal first quarter,Billabong, which ended May 29. In the year-ago period, the company earned $1.7 million, or 5 cents per share.
The shares rose 31 cents,Hollister, 5 percent, to $6.50 in extended trading, after the results were announced. They had fallen 3.1 percent, or 20 cents, to close the regular session at $6.19.