Home / Knowledge / News / Apparel/Garments / Christopher & Banks announces Q2 fiscal 2011 results
Christopher & Banks announces Q2 fiscal 2011 results
04
Oct '10
Christopher & Banks Corporation, a specialty women's apparel retailer, announced results for the second fiscal quarter ended August 28, 2010.

Results for the Three Months Ended August 28, 2010
Total net sales for the second quarter were $101.3 million, as compared to $101.2 million for the second quarter of fiscal 2010. Same store sales increased 1% in the second quarter of fiscal 2011. Gross profit increased 2.2% to $35.8 million, as compared to $35.0 million in the second quarter of fiscal 2010. Gross profit margin increased to 35.3% for the second quarter of fiscal 2011 from 34.6% in the second quarter of fiscal 2010.

Operating loss totaled $4.4 million, including a non-recurring pre-tax severance charge of approximately $0.5 million related to the separation of the Company's former Chief Financial Officer. This compares to an operating loss of $3.5 million in the same period last year, which included a pre-tax non-recurring benefit of $1.2 million consisting largely of legal and contract settlements.

Net loss totaled $2.5 million, or $0.07 per share, including the non-recurring severance charge of approximately $0.01 per share. This compares to a net loss of $2.1 million, or $0.06 per share, for the second quarter of fiscal 2010, which included the benefit of the non-recurring contract and legal settlements of approximately $0.02 per share referenced above.

Results for the Six Months Ended August 28, 2010
Total net sales were $227.6 million, as compared to $221.5 million for the six months ended August 29, 2009. Same store sales increased 3% in the first half of fiscal 2011. Operating income totaled $6.2 million, or 2.7% of net sales, as compared to an operating loss of $1.0 million, or 0.5% of net sales, for the comparable six month period last year.

Net income was $3.8 million, or $0.11 per diluted share, as compared to a net loss of $0.4 million, or $0.01 per share, for the first half of fiscal 2010. This included a non-recurring severance charge of approximately $0.01 per share in the second quarter of fiscal 2011 and an approximate $0.02 per share non-recurring benefit largely from contract and legal settlements in the second quarter of fiscal 2010.

Lorna Nagler, President and Chief Executive Officer, commented, "Despite a solid start to the quarter, August sales results fell short of expectations, resulting in a slight earnings shortfall. While our August merchandise deliveries did not resonate well with customers and led to increased promotions and gross margin pressure, response to our most recent fall deliveries is improved and we believe we are on track with our merchandise strategy. We are also encouraged by the initial reaction to some of our recent marketing initiatives."

Ms. Nagler continued, "While we are facing some short term headwinds, we remain focused on our business strategies and initiatives, including merchandising direction, multi-channel strategies and marketing programs. We are confident that these initiatives position us for improved sales and earnings growth over the long term."


Must ReadView All

Textiles | On 16th Aug 2017

USITC to continue investigations on PSF imports

The US International Trade Commission (USITC) has determined that...

Textiles | On 16th Aug 2017

India’s apparel exports stumble in July 2017

Exports of readymade garments (including those made of cotton,...

Apparel/Garments | On 16th Aug 2017

EU displaces Japan as Myanmar’s largest apparel market

After the reinstatement of Generalised Scheme of Preferences (GSP)...

Interviews View All

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

August 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
66.7%
No
18.5%
Skip
14.8%

Total Votes: 27

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
37.0%
No
40.7%
Skip
22.2%

Total Votes: 27

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
81.5%
No
7.4%
Skip
11.1%

Total Votes: 27

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
55.6%
No
11.1%
Skip
33.3%

Total Votes: 27


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X