Investors don't like getting jerked around -- and they said so, in no uncertain terms, to the management of women's apparel retailer Christopher & Banks (NYSE:CBK) yesterday. The company's shares fell more than 11% following the company's announcement that November same-store sales fell 3% year over year. Slow sales meant more markdowns, which hurt margins and have the company forecasting fiscal Q3 (ended Nov. 27) EPS of $0.21 or $0.22, down from $0.29 a year ago.

That's not only a substantial disappointment but a big step back from the company's November 4 guidance, during which management cited strong selling trends in October in forecasting Q3 EPS of between $0.26 and $0.28. That was encouraging, particularly for a company that has struggled to get things right in recent periods -- but it was all undone less than 30 days later with yesterday's announcement.

A 20% cut in estimated EPS is no small potatoes -- and a quick look at Christopher & Banks' 2004 chart illustrates the confidence investors had put in their company's October figures. That confidence is now very likely shot. And now investors have another worry when thinking about this company. Its short-term forecasting looks iffy and it's had consistent merchandising problems for some time now. Meanwhile, it's either stubbornly or brilliantly continuing to expand while it looks to iron out the kinks in its selection. (Those are some tough kinks.)

What might reassure investors somewhat is that several other top women's apparel companies also did not have a great November. Talbots (NYSE:TLB), for example, didn't blow 'em out of the water; Ann Taylor (NYSE:ANN) also moved back in a big way. But red-hot Chico's FAS (NYSE:CHS) managed solid gains and Limited (NYSE:LTD) also put together a good month. In short, the market opportunity is out there -- but Christopher & Banks, as its investors know all too well, just continues to miss out on it.

Fool contributor Dave Marino-Nachison doesn't own any of the companies in this story.