Christopher & Banks reduces losses in Q2 FY'13

10 Sep '13

2 min read

Christopher & Banks Corporation a specialty women's apparel retailer, reported results for the thirteen week period ended August 3, 2013.

Results for the Thirteen Week Period Ended August 3, 2013

- Same-store sales increased 7.7%, as compared to the thirteen weeks ended August 4, 2012, during which the Company had an 8.9% same-store sales increase.

- Net sales totaled $104.2 million, as compared to $103.4 million for the thirteen weeks ended July 28, 2012. - During the quarter, the Company operated an average of 8.8% fewer stores than during the comparable period last year, reflecting its store rationalization program.

- Operating loss was seven hundred dollars, compared to an operating loss of $2.2 million for the thirteen weeks ended July 28, 2012, which included a $4.7 million pre-tax, non-cash restructuring credit, net of other costs.

- Net loss totaled $265,000, or a $0.01 loss per share. Net loss for the thirteen weeks ended July 28, 2012 totaled $2.2 million, or a $0.06 loss per share, which included a $4.5 million, or $0.13 per share, credit related to the above-mentioned non-cash credit related to restructuring charges.

LuAnn Via, President and Chief Executive Officer, commented, "We were pleased that for the quarter we were able to maintain our positive momentum, achieve solid financial results in a difficult retail environment and deliver our fifth consecutive quarter of positive same-store sales comps. We also exceeded our gross margin expectations and achieved our operating objectives.

"As we look to the second half of the year, we believe we are well positioned in our merchandising and marketing efforts, and our inventory levels remain fresh. We will also continue to build upon our strong foundation and refine our strategies as we gain greater insights into our customer in order to drive sustainable long-term sales and earnings growth."

Christopher & Banks

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