Home / Knowledge / News / Apparel/Garments / CBK reports Q1 diluted EPS of $0.05 & extends credit facility
CBK reports Q1 diluted EPS of $0.05 & extends credit facility
01
Jul '11
Christopher & Banks Corporation, a specialty women's apparel retailer, reported results for the 2012 fiscal first quarter ended May 28, 2011. The Company also announced that it completed an amendment to its existing $50 million credit facility that extends the facility's maturity to June 30, 2014.

Results for the First Quarter Ended May 28, 2011

• Total net sales were $123.8 million, as compared to $126.2 million for the first quarter of fiscal 2011. Same store sales decreased 2% in the first quarter of fiscal 2012.
• Gross profit was $43.0 million for the quarter, as compared to $53.4 million in the first quarter of fiscal 2011. Gross margin was 34.7% for the first quarter of fiscal 2012, as compared to 42.3% in the first quarter of fiscal 2011.
• Operating income totaled $2.0 million, or 1.6% of sales, as compared to operating income of $10.6 million, or 8.4% of sales, in the same period last year.
• Net income for the quarter totaled $1.9 million, or $0.05 per diluted share, reflecting an effective tax rate of 8.7%, which is significantly lower than the statutory rate due to the Company's recognition of a full valuation allowance against its deferred tax assets in the third quarter of fiscal 2011. The lower tax rate benefited diluted earnings per share by approximately $0.02 in the first quarter of fiscal 2012. Net income for the first quarter of fiscal 2011 totaled $6.3 million, or $0.18 per diluted share, including an effective tax rate of 41.1%.

Larry Barenbaum, President and Chief Executive Officer, commented, “During the first quarter, we continued to make progress on our key initiatives to improve the business. A modest selection of new product reflecting our updated styling was delivered in May and demonstrated stronger sell-through than we have seen during the past several seasons, and we are encouraged that we are on the right track with our merchandise initiatives.

"We remain extremely focused on evolving our merchandising strategy to update our assortment to better align with our customers' tastes, which will be fully reflected in our fall deliveries. In addition, we have initiatives under way to strengthen our marketing efforts and enhance our in-store experience. While near term we expect the competitive environment to remain promotional, we remain confident that we are moving the Company in a direction that will lead to improved sales and profitability over the long term.”

First Quarter Balance Sheet Highlights and Capital Expenditures

The Company ended the first quarter of fiscal 2012 with total cash, cash-equivalents and investments of $101.3 million. Inventory, excluding e-Commerce inventory, was flat on a per-store basis at the end of the first quarter of fiscal 2012, as compared to the end of the first quarter of fiscal 2011. The Company's balance sheet remains strong and management believes that its cash, cash-equivalents and investments are sufficient to meet the Company's liquidity needs for the current fiscal year. Capital expenditures totaled approximately $3.5 million in the first quarter of fiscal 2012 as the Company opened eight outlet stores and six dual stores during the quarter.


Must ReadView All

Arvind Limited executive directors Punit Lalbhai (left) and Kulin Lalbhai explaining the project to Gujarat chief minister Vijay Rupani. Courtesy: Arvind Ltd

Apparel/Garments | On 18th Oct 2017

Arvind to set up mega apparel facility in Gujarat

Arvind Limited, one of India’s largest textile to retail...

Clash over monetary payment by UK at Brexit talks

Textiles | On 18th Oct 2017

Clash over monetary payment by UK at Brexit talks

The European Union (EU) and the United Kingdom (UK) are clashing over ...

Cotton stocks accumulating everywhere outside of China

Textiles | On 18th Oct 2017

Cotton stocks accumulating everywhere outside of China

Global cotton stocks outside of China are expected to rise by nearly...

Interviews View All

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

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

October 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

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.3%
No
13.6%
Skip
9.1%

Total Votes: 66

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

Yes No

Active Poll

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

Yes
60.6%
No
28.8%
Skip
10.6%

Total Votes: 66

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

Yes No

Active Poll

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

Yes
84.8%
No
10.6%
Skip
4.5%

Total Votes: 66

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

Active Poll

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

Yes
74.2%
No
12.1%
Skip
13.6%

Total Votes: 66


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