MINNEAPOLIS, May 25, 2007 -- Christopher & Banks Corporation (CBK) today announced that its Board of Directors has authorized a stock repurchase program to purchase up to $20 million of the Company's outstanding common stock over the next year. The shares may be repurchased from time to time through open market purchases in a manner consistent with applicable securities laws and regulations. The Company currently has approximately 36.3 million shares of common stock outstanding.
Matt Dillon, President and Chief Executive Officer, commented, "The stock repurchase program reflects our continued confidence in the Company's future growth prospects and underscores our ongoing commitment to enhancing shareholder value. The Company's strong cash balance allows us to implement a new stock repurchase program while maintaining our store expansion plans."
The Company plans to fund the stock repurchase program from cash on-hand and cash flow from operations. The timing of purchases and the number of shares that may be purchased will depend on the market price of the Company's common stock and other limitations of the program.
About Christopher & Banks
Christopher & Banks Corporation is a Minneapolis-based specialty retailer of women's clothing. The Company operates 799 stores in 45 states under the names: Christopher & Banks, CJ Banks and Acorn. The Company currently has 528 Christopher & Banks stores, 233 CJ Banks stores and 38 Acorn stores.
This release contains a forward looking statement regarding our continuing confidence in the Company's future growth prospects. The achievement of growth by the Company is subject to certain risks and uncertainties and actual results may differ materially from those projected. Such risk factors include, but are not limited to, changes in economic, market and weather conditions, shifts in consumer tastes and spending habits that result in decreased sales, failure to realize expected economies gained through the use of private label and direct import merchandise, problems in managing our growth, unanticipated events or performance which negatively impact our cash balance and other factors outside the Company's control, including factors discussed from time to time in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that may arise after the date hereof.