Home / Knowledge / News / Apparel/Garments / Christopher & Banks expects sales dip in Q2 FY'12

Christopher & Banks expects sales dip in Q2 FY'12

27
Jul '12
Christopher & Banks Corporation, a specialty women's apparel retailer, announced updated financial expectations for its second fiscal quarter ending July 28, 2012.

Comparable store sales for the second fiscal quarter, as compared to the same period last year, are anticipated to increase 5% to 5.5%. The increase in comparable store sales reflects an improved sell-through rate of merchandise and increased traffic resulting in a higher number of transactions per store, and a slight increase in average units sold offset somewhat by a modest decrease in average total sales per transaction.

Sales for the quarter are expected to be $102 million to $103 million, as compared to sales of $105.6 million for the comparable period last year, despite operating on average 113, or 14%, fewer stores during the quarter as compared to the same period last year.

Total gross margin for the second fiscal quarter is expected to be between 26.2% and 26.4%, compared to last year's rate of 32.3% for the comparable period and 23.1% in the first quarter of fiscal 2012. The sequential improvement is the result of both lower occupancy expense as well as positive leverage related to the higher sales.

Average in-store inventory per store is expected to be up approximately mid-single digits at the end of the second fiscal quarter, as compared to the same period last year. At the end of the first fiscal quarter, average in-store inventory per store was up 22% year-over-year.

The Company expects cash and cash equivalents to be in the range of $39 million to $40 million at the end of the second fiscal quarter, as compared to $33.7 million at the end of this year's first fiscal quarter.

Joel Waller, President and Chief Executive Officer, commented, "While we remain in the early stages of our turnaround plan, our initiatives are gaining traction. Our new merchandising and marketing strategies are beginning to show progress. 

"Meanwhile, strategic initiatives underway to reinvigorate sales through in-store merchandise presentation and optimization of our selling staff are also yielding improved performance. We believe that the implementation of these strategies led to the significant sequential improvement in comparable store sales and gross margin results.

"We believe that as we continue to execute our turnaround strategy and strengthen our market position, Christopher & Banks will be positioned to deliver improved sales and earnings results."

Christopher & Banks Corporation is a Minneapolis-based specialty retailer of women's clothing. As of July 25, 2012, the Company operates 653 stores in 44 states consisting of 386 Christopher & Banks stores, 177 stores in their women's plus size clothing division CJ Banks, 65 dual stores and 25 outlet stores.

Christopher & Banks Corporation


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 24th Feb 2020

Myanmar's garment units risk closure due to virus impact

Myanmar's garment factories are facing the risk of shutdown as the...

Pic: Shutterstock

Apparel/Garments | On 24th Feb 2020

GMAC urges EU to restore full EBA rights for Cambodia

Expressing disappointment over the recent European Union (EU)...

Pic: Shutterstock

Apparel/Garments | On 24th Feb 2020

Uzbekistan 3rd biggest garment exporter to Kazakhstan

Uzbekistan exported 10,000 tonnes of apparel to Kazakhstan in 2019,...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek, Kannbar

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Top executives, Textile industry

Top executives
Textile industry

The budget will give major impetus to textile and apparel consumption

Ghanshyam Ghoghari, Kimora Fashion

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

C Dhandayuthapani,

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Ritu Ajbani & Neha Agarwal,

Ritu Ajbani & Neha Agarwal

Petit Royal, co-founded by entrepreneurs <b>Ritu Ajbani and Neha...

Hardik Sanghvi,

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Michael Jaenecke, Messe Frankfurt

Michael Jaenecke
Messe Frankfurt

From May 14 to 17, international exhibitors will present the entire...

Marcel Alberts, Eurofibers

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Wendell Rodricks, Wendell Rodricks

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Igor Chapurin, Chapurin

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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


February 2020

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


Advanced Search