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Christopher & Banks revises fourth fiscal guidance
20
Jan '17
Specialty women's apparel retailer Christopher & Banks Corporation has revised its fourth fiscal guidance and now expects net sales in the quarter to be between $85 million and $86 million. The retailer also forecast net loss for the quarter to be between $16 million and $17 million, including transition costs associated with the change in management.

According to Christopher & Banks, despite the lower than planned sales, cash, cash equivalents and investments are expected to be around $30 million which is near the low end of its earlier guidance.

Giving reasons for the revised guidance, the company said, “The continued strong performance in our ecommerce business, which grew 15 per cent in December, was offset by lower than anticipated sales in its other channels, particularly outlets.”

“In response to these soft sales trends, we were more promotional than originally planned in order to drive sales and manage inventory levels, which has led to gross margin pressure,” the retailer observed.

The company also announced that president & chief executive officer, LuAnn Via has left the company and that Lisa Wardell resigned as a board member, effective January 10, 2017. (AR)

Fibre2Fashion News Desk – India


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