Christopher & Banks Corporation, a specialty women's apparel retailer, reported results for the thirteen week period ended May 3, 2014.
Results for the Thirteen Week Period Ended May 3, 2014
Net sales totaled $103.4 million, as compared to $108.5 million in the thirteen weeks ended May 4, 2013. During the quarter, the Company operated an average of 8.9% fewer stores than during the comparable period last year.
Same-store sales decreased 0.2% in the thirteen weeks ended May 3, 2014, as compared to the thirteen weeks ended May 4, 2013; this follows a 23.4% same-store sales increase in last year's first quarter.
Gross margin was 36.7%, as compared to 34.2% in last year's first quarter. Operating income totaled $2.8 million for the thirteen week period ended May 3, 2014. Operating income was $0.8 million for the thirteen weeks ended May 4, 2013.
Net income for the thirteen week period ended May 3, 2014 totaled $2.6 million, or $0.07 per diluted share. Net income for the thirteen weeks ended May 4, 2013 totaled $0.6 million, or $0.02 per diluted share.
LuAnn Via, President and Chief Executive Officer, commented, "Throughout the first quarter, we realized continued momentum in our strategic initiatives despite the challenges presented by the severe winter weather experienced during the first half of the quarter. While our comparable store sales were slightly below our expectations for the quarter, we saw business improve as the weather became more seasonal and we exceeded our gross margin expansion target, with a refined merchandise offering and enhanced inventory strategies.
“Furthermore, sales and profitability in our MPW (Missy, Petite, Women) stores continued to perform above the Company average. Looking ahead, additional opportunities to enhance our merchandise offering, further engage our customer and broaden our reach with our marketing programs are expected to result in continued improvement in store productivity. We also plan to accelerate our MPW strategy and end the year with approximately 190 locations in this format, as these stores continue to deliver strong returns. Overall, we are well-positioned to meet our financial goals for the year, and are on track to deliver on our three-year growth plan."