Shares of Christopher & Banks were slumping pre-market Tuesday after the company lowered its Q4 revenue guidance below a single estimate provided by Capital IQ and named an interim CEO.
The women’s apparel retailer expects Q4 net sales of $85 million to $86 million, down from a prior outlook for $93 million to $97 million, and below the $95.2 million single estimate, due to lower traffic, ongoing headwinds in women’s apparel and weather. Christopher & Banks also expects a Q4 net loss of $16 million to $17 million.
The company also said CEO LuAnn Via will step down with immediate effect and that Joel Waller was named as interim CEO and as a board member. Waller served in a similar capacity at the company several years ago, Christopher & Banks noted.