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Christopher & Banks records decline in sales

10
Mar '08
Christopher & Banks Corporation reported February and fiscal fourth quarter sales results.

For the four-week period ended March 1, 2008 total sales were $29.5 million compared to $35.0 million for the five-week period ended March 3, 2007. February same-store sales for the four weeks ended March 1, 2008 are compared to the four-week period ended March 3, 2007. On this basis, same-store sales for the four-week period ended March 1, 2008 declined 5%.

Total sales for the fourth quarter ended March 1, 2008, which included 13 weeks, were $125.2 million compared to $134.0 million for the quarter ended March 3, 2007, which was a 14 week period. Same-store sales for the fourth quarter of fiscal 2008 declined approximately 3.5% compared to the same 13 week period last year.

Total sales for the 52 week period ended March 1, 2008 were $575.7 million compared to $547.3 million for the 53 week period ended March 3, 2007. Same-store sales increased 1% for the fiscal year ended March 1, 2008 compared to the same 52 week period last year. As of March 1, 2008, the Company operated 837 stores compared to 778 stores as of March 3, 2007.

The Company also announced that it launched separate e-commerce websites for its Christopher & Banks and C.J. Banks brands in February 2008.

Lorna Nagler, President and Chief Executive Officer, commented, “February results were disappointing as customer traffic continued to be light. Our inventories have been conservatively managed and we believe we are well positioned to begin our new fiscal year. We are pleased to have launched our Christopher & Banks and C.J. Banks e-commerce websites in February and look forward to using this channel to gain incremental sales.”


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