Home / Knowledge / News / Apparel/Garments / Christopher & Banks Corporation Q1 2017 sales down 11.5%
Christopher & Banks Corporation Q1 2017 sales down 11.5%
May '17
The net sales of Christopher & Banks Corporation for the first quarter of fiscal 2017 totaled $88.6 million, a decrease of 11.5 per cent, compared to $100.0 million for the first quarter of fiscal 2016. Further, the company's comparable sales for Q1 2017 also decreased 8.9 per cent following 6.2 per cent increase in the same period last year.

The company's gross margin rate decreased 320 basis points to 34.5 per cent, as compared to last year’s first quarter, primarily due to promotions to move through non-go-forward product and addressing slow sellers on a more frequent basis, as well as deleverage of occupancy. Further, its selling, general & administrative expenses (SG&A) also decreased by $4.5 million, driven by lower store operating expenses, lower net employee compensation expenses, and lower professional fees.

"While our first quarter results did not meet our expectations, we are pleased with our strong e-commerce growth, as well as the traction we have gained across a number of initiatives that we expect will yield improved financial performance in the back half of the year. We also made meaningful progress on our cost savings initiative which contributed to a $4.5 million reduction in SG&A expenses during the quarter. Our first quarter sales were pressured by industry trends as well as by a shortage of spring and fashion inventory as a result of the decision made last fall to cut back on receipts. However, we have a merchandise strategy in place to provide a more consistent flow of newness and infuse additional fashion into the product assortment. We are beginning to see improved sales trends with the receipt of new fashion inventory during the second quarter and expect continued improvement into the third quarter as our September assortment will fully reflect this go forward strategy. Overall, we believe that the steps we are taking will position Christopher and Banks for consistent and profitable growth over the long-term," said Joel Waller, interim president and chief executive officer. (RR)

Fibre2Fashion News Desk – India

Must ReadView All

Pic: Shutterstock

E-commerce | On 30th Nov 2020

France to impose 'digital tax' in 2020

France has decided to impose a new digital tax on big online...

Pic: University of York

Textiles | On 30th Nov 2020

UK scientists working to reduce textile industry waste

Scientists at the University of York and the Royal College of Art are ...

Pic: Material Exchange

Textiles | On 30th Nov 2020

Material Exchange raises €5 million for sustainability

Material Exchange has announced the closing of a €5 million funding...

Interviews View All

Asim Dalal, Indo Count Retail Ventures

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Pratik Bachkaniwala, Palod Himson Machines

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Yashiki Gumber, Sahiba Fabrics

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Pietro Turrin,

Pietro Turrin

Industrie Tessili Bresciane (ITB) has served numerous industries and...

Alphonse Reddy,

Alphonse Reddy

Bangalore-based Sunday designs and makes mattresses and accessories that...

Devendra Gupta,

Devendra Gupta

Reforce, a start-up based in Gurgaon, aims to revolutionise the fitness...

Justin Chan & Shyam Gollakota, University of Washington

Justin Chan & Shyam Gollakota
University of Washington

A fabric that can store data without any electronics or batteries has been ...

Shujaul Rehman, Garware Technical Fibres

Shujaul Rehman
Garware Technical Fibres

Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...

Wolfgang Plasser, Lenzing AG

Wolfgang Plasser
Lenzing AG

The Lenzing Group is an international company headquartered in Austria...

Aneeth Arora, Péro

Aneeth Arora

The Woolmark Company has partnered with handmade fashion label Péro and...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

Best known for convertible clothing, Indian brand Twee In One by designer...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

November 2020

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

Advanced Search