Home / Knowledge / News / Apparel/Garments / Christopher & Banks slips into Q2FY16 net loss
Christopher & Banks slips into Q2FY16 net loss
14
Sep '15
In the thirteen week period ended August 1, 2015, NYSE listed Christopher & Banks, a specialty women's apparel retailer slipped in to a loss vis-à-vis profit in the same period of the previous fiscal.

A company press release stated that net loss totaled $0.7 million or $0.02 per share as against net income for the thirteen weeks ended August 2, 2014 of $3.4 million or $0.09 per diluted share.

In the second quarter of fiscal 2016, net sales amounted to $94.0 million, down from $106.6 million for the three months to August 2, 2014.

During the quarter, the retailer added that it operated an average of 4.4 per cent fewer stores than during the comparable period last fiscal.

“This reflects our MPW store conversion strategy; offset to some extent by new store openings, primarily outlets,” the company explained.

Same-store sales declined 12.4 per cent in the reporting quarter as against a 4.7 per cent same-store sales increase in last fiscal's second quarter.

Gross margin for the second quarter of fiscal 2016 stood at 32.9 per cent down from 35.3 per cent in the in the second quarter of fiscal 2015.

“Operating loss for the quarter under review was $1.7 million for the quarter under review as against operating income of $3.3 million in the prior fiscal's second quarter,” it explained.

Cash, cash-equivalents and investments totaled $34.5 million as of August 1, 2015, while inventory per square foot, excluding in-transit and ecommerce inventory rose around 2.7 per cent over the earlier fiscal's same period.

As of August 1, 2015, the company had no outstanding borrowings under its revolving credit facility and capital expenditures totaled approximately $9.7 million.

For the third quarter of fiscal 2016, the company expects total net sales of between $101 million and $105 million, as compared to net sales of $110.6 million in last fiscal's third quarter.

It has also projected gross margin to be 320 to 400 basis points lower than the third quarter of fiscal 2015, driven primarily by deleverage of buying and occupancy of 230 to 300 basis points.

SG&A is expected to be between approximately $34.3 million and $34.8 million compared to the $31.5 million of SG&A expense.

CEO LuAnn Via said, "Our disappointing second quarter performance reflects a combination of both macro headwinds, as well as company-specific factors, particularly in late June and in the month of July.”

“We have taken immediate action in a number of areas to address certain merchandising missteps and have seen trends in the business improve somewhat since July,” she added.

“However, much of the benefit from these initiatives is expected to drive improved sales for holiday 2015 and Spring 2016,” Via informed. (AR)

Fibre2Fashion News Desk – India


Must ReadView All

Apparel/Garments | On 21st Jul 2017

Walmart opens new fulfillment centre in Davenport

Walmart has opened a new e-commerce fulfillment centre in Davenport,...

Courtesy: ITMF

Textiles | On 20th Jul 2017

ITMF'17 themed on tech, trade, climate in disruptive times

The International Textile Manufacturers Federation (ITMF), an...

Textiles | On 20th Jul 2017

RIL’s Q1 FY18 petrochemicals revenue up 22.9% y-o-y

Reliance Industries Limited (RIL) has reported its financial...

Interviews View All

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X