Home / Knowledge / News / Apparel/Garments / Christopher & Banks posts $98.5 million sales in Q3 FY17
Christopher & Banks posts $98.5 million sales in Q3 FY17
Dec '17
Courtesy: Christopher & Banks Corporation
Courtesy: Christopher & Banks Corporation
Christopher & Banks Corporation, a specialty women’s apparel retailer, has recorded net sales of $98.5 million for the third quarter of fiscal 2017, a decrease of 7.7 per cent, while operating on an average 473 stores. This compared to $106.7 million in net sales for the third quarter of fiscal 2016, while operating on an average 506 stores.

The company's comparable sales also decreased 5.0 per cent following a 4.5 per cent increase in the same period last year, while its e-commerce sales increased 8.5 per cent following a 16.3 per cent increase in the same period last year. Gross margin rate decreased to 33.8 per cent, as against last year’s third quarter, primarily due to continued higher promotions and markdowns to move through non-go-forward product and address slow sellers more quickly.

For the reported period, selling, general & administrative expenses (“SG&A”) decreased by $0.7 million, driven by lower store operating expenses, lower net employee compensation expenses, and the absence of costs related to the customer platform transition that took place in last year’s third quarter, partially offset by higher medical claims and consulting fees. As a percent of net sales, SG&A was 32.3 per cent, compared to 30.5 per cent in the prior year period.

Capital expenditures for the third quarter of fiscal 2017 were $1.2 million compared to $2.0 million in last year’s third quarter. Capital expenditures in the third quarter this year primarily reflected investments in new stores and technology associated with the Company’s omni-channel capabilities.

"We remain pleased with the progress of our turnaround, and with the inflection point we saw in our business late in October. For the fourth quarter-to-date, comparable sales are up mid-single-digits reflecting an increase in transactions and average dollar sales, including higher AUR as compared to the same period last year," said Joel Waller, interim president and chief executive officer.

"While the third quarter was somewhat disappointing, we attribute this partially to weather and saw the timing of our sales improvement coincide with more seasonable weather as well as the receipt of new holiday merchandise. Both outlets and e-commerce saw positive comp increases in the third quarter which have accelerated in the fourth quarter-to-date. We remain focused on refining our merchandise assortment to strike the right balance between fashion and core product, improving the flow of fashion and newness, and leveraging our marketing programs to connect with our customers. Overall, we believe that continuing to execute on our strategic plan will ultimately drive long-term, sustainable growth," concluded Waller. (RR)

Fibre2Fashion News Desk – India

Must ReadView All

Pic: Shutterstock

Textiles | On 22nd Feb 2020

Pharr sells Pharr High Performance to Coats Group

Pharr, a provider of differentiated textile products and assorted...

Pic: Shutterstock

Textiles | On 22nd Feb 2020

TOAI highlights importance of textiles in auto industry

The first edition of the conference 'Textile Opportunities in a...

Pic: Shutterstock

Textiles | On 22nd Feb 2020

Cocona's 37.5 fibres to have new biodegradable additive

All of the 37.5 staple fibres and filament yarns by Cocona, will now...

Interviews View All

Headhonchos, Indian textile value chain

Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Priyanka, Studio Priyanka Rajiv

Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Sunil Kumar Sharma, Loknayak JPNSSSG Ltd

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Cem Erdogrul,

Cem Erdogrul

Turkey-based Temsan Air Engineering is one of the leading manufacturers of ...

Zafer Demirel,

Zafer Demirel

Turkey's Canlar Mechatronics is a leading designer and manufacturer of...

Arup Chakraborty,

Arup Chakraborty

Mirrorsize is a US-based start-up that provides artificial intelligence...

Kevin Nelson, TissueGen

Kevin Nelson

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Davide Vigano, Sensoria

Davide Vigano

Sensoria is a leading developer of smart garments and IoMe (Internet of...

S Ziya Gumuser, Teknomelt

S Ziya Gumuser

Turkish nonwoven manufacturer Teknomelt has been around for only seven...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

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

Hemant & Nandita, Hemant & Nandita

Hemant & Nandita
Hemant & Nandita

The designer duo of Hemant &amp; Nandita are known for being inspired by...

Anisha Chaudhari, Threads & Shirts

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

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

February 2020

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

Advanced Search