• As of February 26, 2011, the Company operated 775 stores compared to 806 stores as of February 27, 2010.
Fiscal 2011 Balance Sheet Highlights and Capital Expenditures
The Company ended fiscal 2011 with total cash, cash-equivalents and investments of $105.6 million. Inventory, excluding e-Commerce inventory, increased approximately 4% on a per-store basis at the end of fiscal 2011, as compared to the end of fiscal 2010. The Company's balance sheet remains strong and management believes that its cash, cash-equivalents and investments are sufficient to meet the Company's liquidity needs for the current fiscal year. Fiscal 2011 capital expenditures were approximately $8.4 million.
First Quarter and Fiscal 2012 Outlook
• The Company expects a mid single digit decline in same-store sales for the first quarter of fiscal 2012.
• For the first quarter of fiscal 2012, total gross margin is expected to decline by approximately 900 to 1,000 basis points, as compared to the first quarter of fiscal 2011.
• The dollar amount of SG&A expense is expected to be essentially the same in the first quarter of fiscal 2012, as compared to the first quarter of fiscal 2011.
• Capital expenditures are expected to be approximately $18.0 million for fiscal 2012.
• The Company currently plans to open approximately 31 new stores and close approximately 35 existing stores in fiscal 2012.
Christopher & Banks Corporation is a Minneapolis-based specialty retailer of women's clothing. As of April 14, 2011, the Company operates 765 stores in 46 states consisting of 509 Christopher & Banks stores, 245 stores in their plus size clothing division CJ Banks, eight dual-concept stores and three outlet stores.
Christopher & Banks Corporation
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