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Christopher & Banks posts Q4 loss on higher expenses

10
Apr '08

Christopher & Banks Corporation reported results for its fiscal 2008 fourth quarter and fiscal year ended March 1, 2008.

Fourth Quarter Highlights:
• Total sales for the thirteen weeks ended March 1, 2008 were $125.3 million compared to $134.0 million for the fourteen-week period ended March 3, 2007.
• Same-store sales for the thirteen-week period ended March 1, 2008 as compared to the thirteen-week period ended March 3, 2007 declined 3.5%.
• Net loss on a GAAP basis was $8.3 million or $0.23 per diluted share. During the fourth quarter, the Company recorded non-cash, pre-tax, long-lived asset impairment charges of approximately $6.0 million and a goodwill impairment charge of approximately $3.6 million. These charges combined totaled $0.16 per diluted share, which assumes a normalized federal and state tax rate of 39.5%.

Fourth Quarter Results:
Total sales for the thirteen weeks ended March 1, 2008 were $125.3 million compared to $134.0 million for the fourteen-week period ended March 3, 2007. Same-store sales for the thirteen-week period ended March 1, 2008 are compared to the thirteen-week period ended March 3, 2007. On this basis, same-store sales declined 3.5%.

Merchandise buying and occupancy expense was $82.9 million or 66.1% of sales this fiscal quarter compared to $88.5 million or 66.1% of sales in last year's fourth quarter. More than 300 basis points of improvement in merchandise margin was offset by deleveraging of occupancy expense and higher buying and distribution expense as a percent of sales.

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