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Christopher & Banks posts 15% dip in Q1 FY'12 sales
06 Jun '12
4 min read
Approximately $5.0 million of the increase was related to higher in-transit inventory at the end of the first quarter resulting from timing of the recognition of the receipt of merchandise and to the continuing impact of the previously announced shift in payment terms that took effect in August 2011.
In addition, e-commerce inventory was up at the end of the first quarter and in-store inventory increased approximately 22% on a per-store basis. The closure of 101 lower volume stores and the acceleration of product receipts contributed to the per-store percentage increase in inventory.
For the thirteen-week period ended April 28, 2012, the Company had no outstanding borrowings under its revolving credit facility and capital expenditures totaled approximately $1.7 million.
Real Estate Restructuring Efforts
As part of the Company's real estate restructuring efforts, 103 stores were identified for closure and 101 of these stores were closed as of April 28, 2012, with 11 of those closures in the first fiscal quarter of this year.
The Company closed 16 additional stores in the normal course of business, for a total of 27 store closures in the first quarter ended April 28, 2012.
The Company also opened two new outlet stores and four new dual stores during the first quarter. As of April 28, 2012, the Company operated 393 Christopher & Banks stores, 183 C.J. Banks stores, 64 dual stores and 25 outlet stores.
For the current fiscal year, the Company intends to conserve cash by minimizing capital expenditures related to new store openings.
Christopher & Banks Corporation is a Minneapolis-based specialty retailer of women's clothing. As of June 5, 2012, the Company operates 662 stores in 44 states consisting of 391 Christopher & Banks stores, 181 stores in their women's plus size clothing division CJ Banks, 65 dual stores and 25 outlet stores.
In addition, e-commerce inventory was up at the end of the first quarter and in-store inventory increased approximately 22% on a per-store basis. The closure of 101 lower volume stores and the acceleration of product receipts contributed to the per-store percentage increase in inventory.
For the thirteen-week period ended April 28, 2012, the Company had no outstanding borrowings under its revolving credit facility and capital expenditures totaled approximately $1.7 million.
Real Estate Restructuring Efforts
As part of the Company's real estate restructuring efforts, 103 stores were identified for closure and 101 of these stores were closed as of April 28, 2012, with 11 of those closures in the first fiscal quarter of this year.
The Company closed 16 additional stores in the normal course of business, for a total of 27 store closures in the first quarter ended April 28, 2012.
The Company also opened two new outlet stores and four new dual stores during the first quarter. As of April 28, 2012, the Company operated 393 Christopher & Banks stores, 183 C.J. Banks stores, 64 dual stores and 25 outlet stores.
For the current fiscal year, the Company intends to conserve cash by minimizing capital expenditures related to new store openings.
Christopher & Banks Corporation is a Minneapolis-based specialty retailer of women's clothing. As of June 5, 2012, the Company operates 662 stores in 44 states consisting of 391 Christopher & Banks stores, 181 stores in their women's plus size clothing division CJ Banks, 65 dual stores and 25 outlet stores.
Christopher & Banks Corporation
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