Women's clothing retailer Christopher & Banks' Q3 net sales rise 7%
20 Dec '06
3 min read
Christopher & Banks Corporation reported results for its third quarter and nine months ended November 25, 2006.
Net sales in the third quarter increased 7% to $139.3 million, from $130.5 million in the prior year period, while same-store sales declined 1%. Net income for the third quarter increased to $9.2 million, or $0.24 per diluted share, compared with $8.7 million, or $0.24 per diluted share, in the year ago period.
For the nine months ended November 25, 2006, net sales increased 14% to $413.3 million from $363.9 million, while same-store sales rose 4%. Net income was $31.8 million, or $0.84 per diluted share, compared to $23.7 million, or $0.66 per diluted share, in the prior year period. As of November 25, 2006, the Company operated 778 stores compared with 707 stores as of November 26, 2005.
Joe Pennington, Chief Executive Officer of Christopher & Banks Corporation commented, “The customer response to our product assortment was not as favorable as expected during the third quarter. Merchandise margins were very strong early in the quarter but came under pressure as sales softened in October and November."
"We are taking all of the necessary measures to ensure that our Holiday merchandise miscues are contained and do not impact our spring season business. We have learned some lessons from this experience, and I am confident that we will begin fiscal 2008 with a merchandise mix that will once again resonate with our customers.”