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Christopher & Banks clocks stable sales in Q3 FY'14
05
Dec '13
Christopher & Banks Corporation, a specialty women’s apparel retailer, reported results for the thirteen week period ended November 2, 2013.
 
Same-store sales increased 4.9%, as compared to the thirteen weeks ended November 3, 2012; this follows a 13.6% same-store sales increase in last year’s third quarter.
 
Net sales totaled $118.1 million, as compared to $117.3 million for the thirteen weeks ended October 27, 2012. During the quarter, the Company operated an average of 7.3% fewer stores than during the comparable period last year, reflecting its store rationalization program.
 
Operating income was $8.6 million. This compares to operating income of $3.6 million for the same period last year, which included approximately $333,000 in pre-tax expenses related to restructuring charges.
 
Net income totaled $8.6 million, or $0.23 per diluted share. Net income for the thirteen weeks ended October 27, 2012 totaled $3.6 million, or $0.10 per diluted share, including the above mentioned $333,000 pretax restructuring charge, or $0.01 per diluted share.
 
Balance Sheet Highlights and Capital Expenditures
Cash, cash-equivalents and investments totaled $47.1 million as of November 2, 2013. Inventory per store, excluding in-transit and eCommerce inventory, decreased approximately 10% on a per-store basis as of November 2, 2013, as compared to October 27, 2012. 
 
For the thirteen week period ended November 2, 2013, the Company had no outstanding borrowings under its revolving credit facility and capital expenditures totaled approximately $3.0 million.
 
For the fourth quarter of fiscal 2013, the Company expects:
- Same-store sales to increase in the low single digit range for the thirteen weeks ended February 1, 2014, as compared to the same period last year;
- Average store count to be down 6.8%, as compared to last year’s fourth fiscal quarter, reflecting its store rationalization program;
- Approximately 100 to 150 bps of gross margin improvement, as compared to last year’s fourth fiscal quarter;
- SG&A to decline in absolute dollars due to the fifty-third week in last year’s fourth quarter, offset to some extent by increases in marketing spend and in benefit costs;
- Overall SG&A dollars to be between 30.0% to 30.5% as a percent of net sales, as compared to 30.0% in last year’s fourth fiscal quarter; to recognize a nominal amount of tax benefit, as the Company’s tax provisions will continue to be affected by the valuation allowance on the Company’s deferred tax assets;
- Inventory levels to continue to show improvement in turns.
 

Christopher & Banks


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