What a market! Could just about FEEL that buying pressure keeping the market from taking a well-deserved break. The market is closed and there is time to squeak in one more stock: Christopher & Banks (CBK).
CBK, according to CNN.Money "is a Minneapolis-based regional retailer of women's specialty apparel. As of 5/9/03, the Company operated a chain of 466 stores in 41 states."
Christopher & Banks had a GREAT day today closing at $33.45 up $4.10 or 13.97%. The stock has a fairly 'reasonable' p/e of 22.30 with a market cap of $829.7 Million and 24.805 Million shares outstanding. What drove the stock up today was a general move in retailing issues....they did report that sales for May were up 20% to $29.8 million, while same store sales increased 1%. (nothing to write home about I guess but must have EXCEEDED expectations.)
Looking at the most recent quarter, CBK reported results on 4/9/03 for the fourth quarter ending March 1, 2003. According to the NYTimes on the Web,
"net sales increased 15% to $95.4 million compared to $82.8 million" last year, while same-store sales DECREASED 6%. (I guess the 1% INCREASE is a TURN-AROUND story like The Gap.) Net income rose to $10.5 million, $.40/share, from $10.3 million or $.39/share last year.
The 5 year financials on Morningstar look a little more exciting with revenue growth from $99.5 million in 1998 to $110.1 million in 1999, $143.4 million in 2000, $209.2 million in 2001, $275.9 million in 2002, and $326.1 million in the trailing twelve months.
Free cash flow has increased in the trailing twelve months from $10 million in 2001, dipping to $5 million in 2002, and $20 million in the trailing twelve months per Morningstar.com.
The company is essentially DEBT-FREE per Morningstar with cash of $46.9 million enough to cover both current liabilities of $15.0 million and long-term liabilities of $2.7 million.
This is a nice stock that provides steady growth and earnings performance. We have had some other sexier issues, but this might just hit the spot for your portfolio. I do not at this time own any shares nor am I planning on any purchases...simply put, I am up to my ears in margin!
Have a great evening everyone! Bob