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Comparable store sales gains at Christopher & Banks
16
Apr '10
Christopher & Banks Corporation reported results for its fiscal 2010 fourth quarter and year ended February 27, 2010.

For the Fourth Quarter Ended February 27, 2010

• Total net sales were $101.9 million as compared to $103.9 million in the fourth quarter of fiscal 2009. Fourth quarter fiscal 2010 same-store sales decreased 4%.
• Gross profit for the quarter increased 66.7% to $32.5 million and, as a percentage of net sales, gross margin increased to 31.9% for the quarter from 18.8% in the fourth quarter of fiscal 2009.
• The operating loss for the fourth quarter of fiscal 2010 totaled $10.1 million and includes a $2.9 million store asset impairment charge. This compares to a $34.9 million operating loss for the fourth quarter of fiscal 2009, which included $7.3 million in one-time charges related to severance costs, software and implementation related costs, and store asset impairment charges of $4.6 million.
• Net loss per share from continuing operations for the fourth quarter was $0.18, which includes a $0.05 per share store asset impairment charge.
• Cash, cash equivalents and investments totaled $113 million.
• Inventory per store at fiscal year-end (excluding e-Commerce) was down 3% from prior year-end.

Lorna Nagler, President and Chief Executive Officer, commented, “We are very pleased to have ended the year on a positive note with comparable store sales gains during the last two months of the year and having made significant progress on our operational initiatives. As we look ahead, we are encouraged by our prospects for profitable growth. The advances we are making in our merchandising and marketing efforts, our stronger operating platform and our healthy balance sheet positions us well to drive shareholder value.”

For the Fiscal Year Ended February 27, 2010

• Total sales from continuing operations were $455.4 million for the fiscal year ended February 27, 2010, compared to $530.7 million for the fifty-two week period ended February 28, 2009. Same-store sales decreased 15% for fiscal 2010.
• The pre-tax loss from continuing operations was $639,000 in fiscal 2010, compared to a pre-tax loss from continuing operations of $12.3 million in fiscal 2009.
• Net income from continuing operations was $0.2 million, or $0.00 per share, for fiscal 2010, including non-cash asset impairment charges of $2.9 million. This compares to a net loss from continuing operations of $8.1 million, or $0.23 per share, for fiscal 2009, including non-cash store asset impairment charges of $4.6 million and other one-time charges related to severance costs and software and implementation related costs, for a total of $7.3 million of one-time charges. Including discontinued operations, the net loss in fiscal 2009 was $12.8 million, or $0.36 per share.
• The effective tax rate for the fourth quarter was approximately 35%. Due to the Company's near break-even results for the year, small discrete tax items and state tax considerations had a significant impact on the Company's annual effective tax rate. As a result, the effective tax rate for the year was approximately 125%.

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