A Minneapolis-based retailer of women's specialty apparel, which operates retail stores through its wholly-owned subsidiaries, Christopher & Banks, Inc., Christopher & Banks Company and Christopher & Banks Services Company.
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Chistopher & Banks (CBK)
$28.14
Q4:2006 earnings report April 5, 2006: TTM $0.84
Trading range between April 5, 2006 and June 20, 2006 was $23.31 and $29.10. The PE range was 27.75 and 34.64
Q1:2007 earnings report June 20, 2006
** Net income $0.39 compared to $0.26 last year
** New TTM $0.97
** Trading range between June 20, 2006 and September 19, 2006 was $23.35 and $29.90: The PE range was 24.07 and 30.82
Q2:2007 Earnings report September 19, 2006
** Net income per share $0.21 vs $0.16
** New TTM $1.02
** Trading range between September 19, 2006 and October 19, 2006: $27.95 and $31.25: PE range 27.40 and 30.64.
** $126 million in cash and no debt
** Diluted share count 38,049,065
The Company operates 753 stores in 45 states, including 518 Christopher & Banks stores, 205 C.J. Banks stores and 30 Acorn stores. The Company’s Christopher & Banks stores offer distinctive fashions featuring exclusively designed, coordinated assortments of sportswear and sweaters in sizes four to 16. The Company’s C.J. Banks stores offer similar assortments of women’s specialty apparel in sizes 14W and up. The Company’s Acorn stores offer upscale women’s fashions along with complementary jewelry and accessories under private and branded labels.
Thesis:
The company is growing earnings at a very healthy pace this year. They have 753 stores in 45 states listed above by chain. The company believes they can open 1300+ stores. C.J. Banks targets women that require larger sizes. With a growing obesity problem in the US this store could be a growth driver for the company. Women who are larger also want to have fashionable clothes and C.J. Banks is trying to satisfy that demand. The Acorn stores sell apparel, jewelry and accessories targeting a more affluent consumer and could be another excellent growth driver. But it is too early to tell for sure.
They have only 26 stores in 14 states. The more affluent customers are unlikely to stop spending when the economy is weak or be deterred by high gas prices. The company has grown sales about 14% a year for the last 10 years, but was hurt during the last recession and Acorn is an attempt to fix the earnings problems caused by a weak economy. I think it’s a good long-term move.
Thompson FN estimates:
3Q: $0.32
4Q: $0.24
Fiscal 2007 $1.15
Fiscal 2008 $1.38