C&B’S EARNINGS DROP: Women’s apparel retailer Christopher & Banks Corp. reported Wednesday a 20.5 percent drop in profist for the fourth quarter ended Feb. 28 to $8.3 million, or 22 cents a diluted share, within the range of the firm’s previous forecast. That compared with earnings of $10.5 million, or 27 cents, reported in the like-period last year. Sales for the Minneapolis-based retailer for the quarter fell 5.2 percent to $95.4 million from $100.4 million, while same-store sales slid 9 percent. For the year, earnings rose 2.2 percent to $39.3 million, or $1.05 a diluted share, versus income of $38.5 million, or $1. Sales in 2003 rang in 15.3 percent higher to $390.7 million from $338.8 million, while comps slipped 2 percent. Bill Prange, chairman and chief executive, said in a statement, “Our business continues to generate significant cash flow. This enabled us to fund approximately $422 million of capital expenditures, initiate a regular quarterly cash dividend of 4 cents a share and repurchase approximately $9 million of our common stock during the year.” The specialty retailer operates a fleet of 547 stores under the Christopher & Banks and C.J. Banks labels.
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