Home / Knowledge / News / Apparel/Garments / Same-store sales flat in Q3 - Christopher & Banks
Same-store sales flat in Q3 - Christopher & Banks
Dec '11
Christopher & Banks Corporation, a specialty women's apparel retailer, reported results for the third fiscal quarter and nine month period ended November 26, 2011.

Results for the Three Months Ended November 26, 2011
• Net sales for the third quarter were $123.9 million, as compared to $120.9 million for the third quarter of fiscal 2011. Same store sales were essentially flat for the quarter.

• Gross profit was $26.8 million, as compared to $43.4 million in the third quarter of fiscal 2011. Gross profit margin was 21.7% for the third quarter of fiscal 2012, as compared to 35.9% in the third quarter of fiscal 2011.

• Asset impairment charges estimated at $11.4 million for the third quarter of fiscal 2012 include non-cash asset impairment charges related to approximately 100 stores planned to close by January 2012 and non-cash asset impairment charges for stores the Company plans to continue to operate. The Company also recorded $0.8 million of severance charges related to closing stores and a reduction in force in October involving corporate office and field management personnel. No asset impairment or restructuring charges were recorded in the third quarter of fiscal 2011.

• Operating loss totaled $28.2 million which includes the asset impairment and restructuring charges referred to above. This compares to an operating loss of $0.2 million in the third quarter of fiscal 2011, which included a pre-tax severance charge of approximately $1.0 million related to the separation of the Company's former Chief Executive Officer.

• Net loss totaled $28.2 million, or $0.79 per share, for the third quarter, which includes $12.2 million, or $0.34 per share, of restructuring charges and the estimated asset impairment charges. This compares to a net loss of $9.2 million, or $0.26 per diluted share, for the third fiscal quarter of 2011, which included a non-cash charge resulting from recording a $12.9 million, or $0.36 per share, valuation allowance related to the Company's deferred tax assets and a pre-tax severance charge of approximately $1.0 million, or $0.02 per share.

Larry Barenbaum, Chief Executive Officer, commented, "We were clearly disappointed in the results for the quarter. In response to the slow sell-through, we aggressively promoted merchandise to drive customer purchasing and move through seasonal inventory, which resulted in significant erosion of our gross margins. "

"We expect that these challenges and merchandise margin pressures will continue in the fourth quarter given that we still need to work through current product. Looking ahead, we remain focused on completing our previously announced store closing plan, disciplined inventory management and expense controls, and improved product execution."

Mr. Barenbaum continued, "We announced last week that Joel Waller, a retail veteran with a strong industry background, joined us as President. While I am confident he will addvalue in all aspects of our business, his primary focus will be on product development, sourcing and merchandising. Joel and I are committed to revitalizing the business and getting the Company back on track to profitability."

Must ReadView All

Apparel/Garments | On 26th Oct 2016

SGS develops 4C chemical management model for apparel

SGS, a leading inspection, auditing, certification, testing, and...

Textiles | On 26th Oct 2016

Platinum Equity acquires International Textile Group

International Textile Group (ITG) has been acquired by Platinum...

Textiles | On 26th Oct 2016

Whitehouse & URI Business Centre start RI textile network

Senator Sheldon Whitehouse and the University of Rhode Island...

Interviews View All

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Sonia Agarwal

‘The terms eco-friendly and organic are common but everyone perceives them ...

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Paolo Ocleppo
Sandvik Hyperion

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

Kevin Nelson

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

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


Browse Our Archives


Advanced Search