Home / Knowledge / News / Apparel/Garments / Christopher & Banks moves ahead on strategic initiatives

Christopher & Banks moves ahead on strategic initiatives

10
Sep '18
Courtesy: Christopher & Banks Corporation
Courtesy: Christopher & Banks Corporation
Christopher & Banks Corporation, a specialty women’s apparel retailer, has made progress on the strategic initiatives during the second quarter of fiscal 2018. The company earned net sales of $87.4 million, an increase of 0.9 per cent, while operating on average 462 stores, compared to $86.6 million in net sales during the second quarter of fiscal 2017.

Gross margin rate was approximately flat at 28.5 per cent, as compared to last year’s second quarter, with lower merchandise margin offset by reduced occupancy costs as a percentage of sales.

"We made important progress in our turnaround efforts during the second quarter. We drove improvement in our comparable sales, saw a significant reduction in inventory levels, strengthened our financial position, hired two exceptional key executives and began to make progress on the strategic initiatives I outlined in the first quarter earning’s call," Keri Jones, president and chief executive officer, said.

For the reported period, selling, general & administrative expenses (SG&A) increased by $0.5 million, due to increased e-commerce investments, higher professional and consulting fees and a severance charge, partially offset by reduced store payroll and insurance expenses. As a percent of net sales, SG&A increased approximately 20 basis points to 33.9 per cent.

Cash and cash-equivalents totaled $23.1 million as of August 4, 2018 as compared to $22.6 million in the same period last year. Total inventory was $40.2 million at the end of the second quarter as compared to $41.9 million at the end of the second quarter last year. Merchandise inventory was down 4 per cent at the end of the quarter as compared to the end of last year’s second quarter, reflecting our efforts to turn inventory faster.

Capital expenditures for the second quarter of fiscal 2018 were $0.8 million compared to $1.0 million in last year’s second quarter. Capital expenditures in the second quarter this year primarily reflected investments in technology associated with omni-channel capabilities.

"Looking ahead, we remain intently focused on advancing these initiatives which include enhancing and simplifying her shopping experience, executing a disciplined promotional strategy, continuing to expand our omni-channel capabilities, building our customer base and reducing our cost structure. We expect these initiatives to begin to take hold this fiscal year and we believe we will deliver improved gross margin, drive year over year sales growth, and achieve meaningful improvement in earnings and cash flow in fiscal 2019," concluded Jones. (RR)

Fibre2Fashion News Desk – India


Must ReadView All

ASEAN ministers sign agreement on e-commerce

Apparel/Garments | On 17th Nov 2018

ASEAN ministers sign agreement on e-commerce

Member countries of the Association of Southeast Asian Nations...

UK Govt, fashion retailers sign agreement to fight slavery

Fashion | On 17th Nov 2018

UK Govt, fashion retailers sign agreement to fight slavery

John Lewis, M&S, New Look, NEXT, River Island and Shop Direct...

CNTAC delegation from China visits Pakistan

Textiles | On 17th Nov 2018

CNTAC delegation from China visits Pakistan

Chinese investors have expressed a desire to enter into joint...

Interviews View All

Manuj Terapanthi, Texaura

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Divyesh Mashruwala, Akshar Industries

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Deepak Jain, Baggout

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Kalai Selvi,

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Harsh Shah,

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Manoj Sorathiya,

Manoj Sorathiya

Surat-based Sunrise Imports & Exports Co is a manufacturer and...

Chunyi Zhi, City University of Hong Kong

Chunyi Zhi
City University of Hong Kong

<div><b>Chunyi Zhi</b>, associate professor in the Department of Materials ...

Justin Gutierrez, INDA

Justin Gutierrez
INDA

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Razvan Popescu, Directa Plus SpA

Razvan Popescu
Directa Plus SpA

Directa Plus is one of the largest producers and suppliers worldwide of...

Tony Ward, Tony Ward

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Rajesh Pratap Singh, Rajesh Pratap Singh

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

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

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 2018

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

news category


Related Categories:

Advanced Search