Home / Knowledge / News / Apparel/Garments / Christopher & Banks Corporation Q1 2017 sales down 11.5%
Christopher & Banks Corporation Q1 2017 sales down 11.5%
29
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


Interviews View All

Yashiki Gumber, Sahiba Fabrics

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Top executives, Textile industry

Top executives
Textile industry

It will take some time for the people to change their buying choices

Footwear industry, Head honchos

Footwear industry
Head honchos

Personalised and differentiated footwear is in high demand

Umang Banthia,

Umang Banthia

Established in 2005, SL Banthia Textiles manufactures coated fabrics....

Roz Guarnori,

Roz Guarnori

FESPA Global Print Expo 2019, to be held in Munich from May 14-17, is...

Ken Butts,

Ken Butts

The mission of Swiss company Datacolor is to empower its customers to make ...

Madison Maxey, Loomia

Madison Maxey
Loomia

Loomia designs and manufactures soft circuit systems that can be produced...

Iago Castro Asensio, RCfil Distribuciones S.L.

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

Pierre Wiertz talks about the vast world of sustainable nonwovens and...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Nisha Chanda, Whistling Woods International School of Fashion

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

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

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

Leave your Comments


November 2019

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

news category


Related Categories:

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search