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Christopher & Banks same-store sales rise 5.7% in FY'13
16
Mar '13
Christopher & Banks Corporation, a specialty women's apparel retailer, reported results for the fourteen week and fifty-three week periods ended February 2, 2013.

Results for the Fourteen Week Period Ended February 2, 2013

-Net sales totaled $116.0 million, as compared to $105.6 million in the thirteen weeks ended January 28, 2012. Approximately $5.1 million of net sales was attributable to the fourteenth week in the fourth quarter of fiscal 2012. During the quarter, the Company operated an average of 124, or 17%, fewer stores than during the comparable period last year.

-Same-store sales increased 18.5% in the fourteen weeks ended February 2, 2013, as compared to the fourteen weeks ended February 4, 2012.

-Operating loss totaled $4.0 million for the fourteen week period ended February 2, 2013. Operating loss was $53.6 million for the thirteen weeks ended January 28, 2012, which included $21.2 million of restructuring and impairment charges.

-Net loss for the fourteen week period ended February 2, 2013 totaled $4.1 million, or ($0.11) per share. Net loss for the thirteen weeks ended January 28, 2012 totaled $53.2 million, or ($1.50) per share, which loss included $21.2 million of impairment and restructuring charges.

-As previously announced, the Company changed its fiscal year-end to the Saturday closest to the end of January, from the Saturday nearest to the end of February, to better align the Company's financial reporting periods with its operational cycle and with other specialty retail companies. In this release, except as otherwise noted, financial results for the fourteen and fifty-three week periods ended February 2, 2013 are compared to the thirteen week period and the fifty-two week period ended January 28, 2012, respectively.

LuAnn Via, President and Chief Executive Officer, commented, "We are delighted with the continued momentum in our business in the fourth quarter due to the ongoing execution of our strategic initiatives. Our customers responded very favorably to our well-balanced merchandise offering, improved value proposition and enhanced marketing programs. I'm proud of the work our team has done; however, we are only in the fourth inning, and we intend to continue to build upon this foundation to drive sustainable long-term sales and earnings growth."

Results for the Fifty-Three Weeks Ended February 2, 2013

-Net sales totaled $430.3 million and same-store sales increased 5.7%, compared to the fifty-three week period ended February 4, 2012.

-Operating loss totaled $16.0 million and included a benefit of $5.2 million, or $0.15 per share, related to restructuring charges. Operating loss was $82.1 million for the fifty-two week period ended January 28, 2012, which loss included $21.2 million of impairment and restructuring charges, or ($0.59) per share.

-Net loss for the fifty-three week period totaled $16.1 million, or ($0.45) per share, including the $0.15 per share benefit related to the restructuring charges mentioned above, and a negative effective tax rate of 0.6%, which is significantly lower than the statutory rate due to the Company's continued maintenance of a full valuation allowance against its deferred tax assets. This compares to a net loss of $81.4 million, or ($2.29) per share, for the fifty-two weeks ended January 28, 2012.

Christopher & Banks

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