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Net sales down 6.33% in Q3 FY15 at Christopher & Banks
11
Dec '15
Christopher & Banks, a US-based specialty retailer of women's apparel, reported a fall of 6.33 per cent in its net sales in the third quarter of fiscal 2015, which ended on October 31, according to a press statement released by the retailer.

Net sales for the third quarter of fiscal 2015 totalled $103.6 million as compared to $110.6 million in the third quarter of fiscal 2014 at Christopher & Banks.

Gross margin was recorded at 35.8 per cent in the third quarter of fiscal 2015 as compared to 39.5 per cent in the third quarter of fiscal 2014.

For the third quarter of fiscal 2015, net loss was $0.3 million or $0.01 per share. The net income recorded at the third quarter of fiscal 2014 was $9.0 million or $0.24 per diluted share.

Commenting on the results, LuAnn Via, president and CEO of Christopher & Banks said, “Our third quarter results were in line with our guidance, despite a continued difficult retail environment and unseasonably warm weather. Sales and gross margin met our expectations, and we ended the quarter with inventory down approximately 14 per cent on a per square foot basis as a result of highly disciplined inventory management.”

“Looking ahead, while we remain focused on these initiatives as well as driving improved productivity in our stores, we will also continue implementing our omni-channel strategy,” he informed.

For the fourth quarter of fiscal 2015, the company expects total net sales between $91 million and $95 million, as compared to net sales of $98 million in the fourth quarter last fiscal. (MCJ)

Fibre2Fashion News Desk – India

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