3 minutes ago | By WGSN Insider
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Oct 08, 2014
Womenswear retailer Christopher & Banks has lowered its Q3 sales guidance on continued mall traffic weakness and merchandising supply issues. Its share price plummeted almost 30% to $6.41 in afternoon trade after dropping as low as $6.18 earlier in the day. Net sales are now expected to range $114m-$118m for the quarter, down from $122m-$124m, while margins are also expected to suffer.
CEO LuAnn Via said the company anticipates sales and margins will remain under pressure on a “challenging retail environment, requiring aggressive promotions”.
“That said, we have seen recent improvements in the sell-through of fashion merchandise and continued strong margins in our core offerings,” Via stated.
The retailer is in the midst of a turnaround that includes store closures, introducing fresh merchandise offer for its mostly-plus-40 market, backed by a pacier marketing strategy.
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