Citing a tough economic environment, Christopher & Banks Corp. on Thursday reported a 75.3 percent decline in second-quarter profits, matching Wall Street estimates.
Net income for the quarter ended Aug. 30 shrank to $836,000, or 2 cents a diluted share, from $3.4 million, or 9 cents, for the comparable period last year. Net sales slid 6.7 percent to $131.6 million, versus $141.1 million a year ago. Same-store sales for the Minneapolis-based company fell 13 percent. Analysts surveyed by Yahoo Finance expected income of 2 cents a share on revenues of $138.9 million.
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