Home / Knowledge / News / Apparel/Garments / Fiscal 2012 will be a year of transition at Christopher & Banks
Fiscal 2012 will be a year of transition at Christopher & Banks
01
Apr '11
Christopher & Banks Corporation announced preliminary results for the fiscal fourth quarter and full year ended February 26, 2011. For the fourth quarter of fiscal 2011, the Company expects to report net sales of $99.6 million, as compared to $101.9 million in the same period last year, reflecting a 1% decline in same-store sales.

The Company also expects fourth quarter gross margin to decrease by 900 to 1,000 basis points, as compared to last year's fourth fiscal quarter, primarily due to increased markdowns. SG&A expense is expected to be approximately $35 million for the quarter. As a result, the net loss per share for the fourth quarter is expected to range from $0.47 to $0.51. Anticipated results include a pre-tax, non-cash charge associated with asset impairment for underperforming stores of approximately $2.8 million, or $0.06 per share, and an effective tax rate in the mid-to-high teens.

The Company also expects capital expenditures of approximately $9 million for fiscal 2011, and to end the fiscal year with cash, cash equivalents and investments of approximately $106 million. Inventory, excluding e-commerce inventory, is expected to increase approximately 4% on a per-store basis at the end of the fourth quarter of fiscal 2011, as compared to the end of the fourth quarter of fiscal 2010.

For the full fiscal year, the Company expects to report net sales of approximately $448.1 million, reflecting a 1% decline in same-store sales. The Company also expects to report a loss per share in the range of $0.62 to $0.66, which includes non-cash charges related to the recognition of a $12.9 million full valuation allowance on the Company's net deferred tax assets in the third quarter and an anticipated asset impairment charge of approximately $2.8 million in the fourth quarter.

Larry Barenbaum, President and Chief Executive Officer, commented, “While we are clearly disappointed with our sales and gross margin results in the fourth quarter, the weaker than anticipated performance was largely attributable to a merchandise assortment that did not reflect our new merchandising and product strategy going forward. That said, we responded quickly and were able to reduce inventory to levels below our initial expectations, as we increased markdowns to aggressively move through product.

“We have a number of initiatives underway that we believe will better align our product styling with our customers' tastes and we expect the full benefit from these efforts to be visible beginning with our fall 2011 product offerings, which are scheduled for delivery in August. We are also focused on enhancing our customer experience and refining our marketing related initiatives to recapture our core customers' fashion dollars.”

Mr. Barenbaum continued, “Fiscal 2012 will be a year of transition at Christopher & Banks, as our primary focus is on returning the Company to profitability through improved sales and gross margin. We effectively managed inventory levels and SG&A expenses in fiscal 2011, ending the year with no long-term debt and cash, cash equivalents and investments of approximately $106 million.”

The Company is planning to report its final fiscal 2011 fourth quarter and full year results on April 14, 2011 after the market closes.

Christopher & Banks Corporation

Must ReadView All

Courtesy: Ikea

Textiles | On 26th Apr 2017

Ikea’s product sourcing from India to double by 2020

Ikea, the global home furnishing giant from Sweden, plans to double...

Textiles | On 26th Apr 2017

CITA to add insufficiently available fabric in CAFTA-DR

The Committee for the Implementation of Textile Agreements (CITA) has ...

Courtesy: SKF

Textiles | On 26th Apr 2017

SKF brings predictive maintenance for machinery to India

SKF India, a global supplier of bearings, seals, mechatronics,...

Interviews View All

Poojaa Kumar Deepak
Zeven

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

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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

news category


Related Categories:
April 2017

April 2017

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

SUBSCRIBE


Browse Our Archives

GO


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