Home / Knowledge / News / Results/Reports / Net sales at Christopher & Banks fall 10% in Q4
Net sales at Christopher & Banks fall 10% in Q4
25
Mar '17
Net sales totalled $85.0 million for the fourth quarter ended January 28, 2017, registering a decrease of 10.1 per cent, while operating on average 499 stores, at Christopher & Banks Corporation, a US based specialty women’s apparel retailer. Comparable sales decreased 7.8 per cent following a 3.4 per cent decrease in the same period last year.

Gross margin rate decreased 610 basis points to 24.8 per cent, as compared to last year’s fourth quarter, primarily due to deeper than planned promotions and increased markdowns to address inventory levels, as well as the strategic decision to right size or exit certain product categories, combined with deleverage on lower sales, the company said in its financial result for the quarter.

Net loss totalled $17.2 million, or $0.46 per share, compared to a net loss for the prior year period of $46.6 million, or $1.26 per share, which included $37.5 million, or a $1.02 loss per share, to record a valuation allowance for the company’s deferred tax assets.

Merchandise inventory, at cost, was down approximately 13.0 per cent, as compared to the prior fiscal year end.

“While our fourth quarter results were disappointing, I am confident we have identified the key issues facing the company and are well down the path to addressing them. Over the next several quarters we will take aggressive steps to (i) develop a differentiated product assortment with a greater mix of relevant fashion and establish a consistent flow of newness, (ii) recapture Missy customers by rebalancing the MPW assortment, and (iii) address the underperformance of our outlets through a cross functional team dedicated to ensuring their planning, buying, and allocation needs are addressed promptly and effectively,” Joel Waller, interim president and chief executive officer, commented on the result.

“Given that we are making a number of changes in the business over the next several months and that enhancements to the merchandise assortment are not expected to be fully reflected until the third quarter, for the near term we will not be providing sales and EPS guidance. Overall, we believe that these strategic initiatives will strengthen our competitive positioning within the retail landscape and will drive improved and more consistent financial performance for our stakeholders over the long term, beginning in the second half of fiscal 2017,” he added.

For the 2017 fiscal year, the Company currently expects capital expenditures to be approximately $6.5 million to $7.5 million. (RR)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Textiles | On 19th Jan 2021

EU strategy for textiles roadmap published

A roadmap setting out the European Union (EU) strategy for...

Pic: Shutterstock

Retail | On 19th Jan 2021

Retailers may need to alter European supply chains: Fitch

Pan-European retailers may need to adapt supply chains due to the...

Pic: Messe Frankfurt

Textiles | On 19th Jan 2021

Heimtextil, Techtextil & Texprocess postponed until 2022

Messe Frankfurt, the trade fair organiser, has announced that after...

Interviews View All

Textile industry, Head honchos

Textile industry
Head honchos

RCEP was always going to be a double-edged sword

Darshan Mehta, Infinium Polychem

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli, Epson, For.Tex & F.lli Robustelli

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Mukesh Bansal,

Mukesh Bansal

Vardhman is one of the largest integrated textile manufacturers of India...

Vikram Juneja,

Vikram Juneja

Jaquard is a training institute providing a highly specialised training...

Hans Gerhard Wroblowski,

Hans Gerhard Wroblowski

Germany's Monforts is a leading manufacturer and exporter of textile...

Ayyappa Nagubandi, Broadcast Wearables Pvt Ltd

Ayyappa Nagubandi
Broadcast Wearables Pvt Ltd

Hyderabad-based Broadcast Wearables has come up with the country's first...

Giulio Cesareo, Directa Plus

Giulio Cesareo
Directa Plus

UK-based Directa Plus is one of the largest producers and suppliers...

Mr Ambrose Chan, DSG International (Thailand) PLC

Mr Ambrose Chan
DSG International (Thailand) PLC

Wendell Rodricks, Wendell Rodricks

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Sanjukta Dutta, Sanjukta's Studio

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Varsha Wadhwa, VW

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


January 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search