Women's clothing retailer Christopher & Banks Corporation reported results for the first quarter ended May 27, 2006.
Net sales in the first quarter increased 16 percent to $142.5 million, from $122.7 million in the prior year period, while same-store sales increased 7 percent.
Net income for the first quarter increased 57 percent to $14.6 million, or $0.39 per diluted share, compared with $9.3 million, or $0.26 per diluted share, in the year ago period.
The Company opened 35 new stores and closed one store in the first quarter bringing the total number of stores to 739 as of May 27, 2006, compared to 660 stores at May 28, 2005.
Joe Pennington, Chief Executive Officer of Christopher & Banks Corporation, commented, "We are very pleased to report a strong fiscal first quarter. Our results exceeded our internal plan and were driven by strong sales growth and significantly improved merchandise margins. We are particularly happy with our 57 percent increase in first quarter net income, which at $14.6 million was the highest for any quarter in the Company's history."
Mr. Pennington concluded, "Our month-to-date June business has continued the positive trend we experienced in the first quarter and we currently anticipate a six to eight percent increase in same-store sales for the month ending June 24, 2006. As we look forward, we are excited about the continued evolution of our brands and are optimistic that customer reaction to changes in our merchandise assortment will remain strong."
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