Home / Knowledge / News / Apparel/Garments / Disappointing performance, Christopher & Banks Chief
Disappointing performance, Christopher & Banks Chief
15
Apr '11
Christopher & Banks Corporation, a specialty women's apparel retailer, reported results for the fiscal fourth quarter and full year ended February 26, 2011.

Results for the Fourth Quarter Ended February 26, 2011

• Total net sales for the fourth quarter were $99.6 million, as compared to $101.9 million for the fourth quarter of fiscal 2010. Same store sales decreased 1% in the fourth quarter of fiscal 2011.

• Gross profit was $22.8 million for the quarter, as compared to $32.5 million in the fourth quarter of fiscal 2010. Gross margin was 22.9% for the fourth quarter of fiscal 2011, as compared to 31.9% in the fourth quarter of fiscal 2010.

• Operating loss totaled $20.6 million and included a $2.8 million, or $0.06 per share, non-cash store asset impairment charge. This compares to an operating loss of $10.1 million in the same period last year, which included a $2.9 million, or $0.05 per share, non-cash store asset impairment charge.

• Net loss for the quarter totaled $16.7 million, or ($0.47) per share, including the $0.06 per share store asset impairment charge mentioned above, and an effective tax rate of 18.3% which is significantly lower than the statutory rate due to the Company's recognition of a full valuation allowance against its deferred tax assets in the third quarter of fiscal 2011. Net loss for the fourth quarter of fiscal 2010 totaled $6.4 million, or ($0.18) per share, including a $0.05 per share non-cash store asset impairment charge, and an effective tax rate of 35.4%.

Larry Barenbaum, President and Chief Executive Officer, commented, “Fiscal 2011 was a challenging year for Christopher & Banks. The disappointing performance was largely the result of a merchandise assortment that did not resonate with our customers. We are transforming our merchandising strategy to update the assortment to better align with our customers' tastes and we expect this strategy to be reflected in our fall collection, which is scheduled for in-store delivery in August.

"In the meantime, we are carefully managing our inventory levels to ensure that we maintain a fresh in-store merchandise assortment. I am encouraged by the progress we are making in refreshing our merchandise assortment, enhancing our in-store experience, refining our marketing efforts and expanding our real estate strategy. We believe we are on the right path to return us to profitability and growth.”

Results for the Fiscal Year Ended February 26, 2011

• Total net sales were $448.1 million, as compared to $455.4 million for the fiscal year ended February 27, 2010. Same store sales declined 1% in fiscal 2011.

• The operating loss was $14.6 million in fiscal 2011, compared to an operating loss of $1.4 million in fiscal 2010.

• Net loss totaled $22.2 million, or ($0.63) per share, for fiscal 2011, including a non-cash store asset impairment charge of $2.8 million, or $0.06 pershare, and a non-cash charge resulting from a $12.9 million, or $0.36 per share, valuation allowance related to the Company's deferred tax assets recorded in the third quarter. As a result of the valuation allowance, the Company's effective tax rate for the year was (57.1%). Net income for fiscal 2010 totaled $0.2 million, or $0.00 per share, including a non-cash store asset impairment charge of $2.9 million, or $0.05 per share.


Must ReadView All

Ethiopia’s Kombolcha Industrial Park attracts foreign firms

Apparel/Garments | On 15th Dec 2017

Ethiopia’s Kombolcha Industrial Park attracts foreign firms

Strategic location, modern factory facilities and proximity to the...

Courtesy: 2XU

Apparel/Garments | On 15th Dec 2017

L Catterton Asia announces JV of GXG and 2XU

L Catterton Asia, the Asian unit of the largest and most global...

15 trade associations urge nations to safeguard WTO system

Apparel/Garments | On 15th Dec 2017

15 trade associations urge nations to safeguard WTO system

Fifteen trade and industry associations from across the world have...

Interviews View All

Headhonchos
Textiles & allied industry

Textiles industry is always in the forefront in accepting latest technology

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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

December 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
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

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
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

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
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

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
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


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