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Christopher & Banks net sales down 7.3% in Q3 FY2018

Dec '18
Courtesy: Christopher & Banks Corporation
Courtesy: Christopher & Banks Corporation
Christopher & Banks Corporation, a specialty women’s apparel retailer, has registered net sales totaling $91.3 million in Q3 FY2018, a decrease of 7.3 per cent, while operating on average 461 stores. This compares to $98.5 million in net sales for Q3 FY2017, while operating on average 473 stores. Comparable sales of the company decreased 7.5 per cent in Q3.

The gross margin rate was 29.8 per cent compared to 33.8 per cent in Q3 2017, according to a media release by the company. The decrease was due to lower merchandise margins on spring/summer merchandise, deleverage of fixed costs and higher fulfillment costs as a result of the sales mix shift to the ecommerce channel, partially offset by reduced occupancy costs as a percentage of sales and improved product costs on fall merchandise.

The e-commerce sales increased 10.7 per cent following a 8.5 per cent increase in the same period last year.

“While we are disappointed in our Q3 performance, I remain confident in our path forward. Our Q3 results were adversely impacted by the combination of shipment delays and lower planned levels of inventory which resulted in an average of 17 per cent less inventory on hand than in last year’s Q3. In addition, moving through excess spring/summer merchandise inventory was more challenging than the prior year and created meaningful pressure on our gross margin,” said Keri Jones, president and chief executive officer, Christopher & Banks. “Notably, as newer merchandise arrived in stores, we have been encouraged by the response as these deliveries have been resonating with our customers. Quarter-to-date we are seeing positive comparable sales coupled with gross margin expansion.”

For FY2019, the company expects net sales to increase 2-3 per cent as the result of expanded omni-channel capabilities, enhancements to the overall product assortment, and more impactful marketing promotions to drive customer file growth. The gross margin is set to increase by 300 to 350 basis points as a result of improved inventory management including supply chain and omni-channel initiatives, greater disciplines around promotions and continued reduction of occupancy costs. (PC)

Fibre2Fashion News Desk – India

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