United States Of America : Christopher & Banks Q4 FY'14 same store sales dip

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Christopher & Banks Q4 FY'14 same store sales dip

13
Mar '14

Christopher & Banks Corporation, a specialty women's apparel retailer, reported results for the thirteen week and fifty-two week periods ended February 1, 2014.

Results for the Thirteen Week Period Ended February 1, 2014

Net sales totaled $104.9 million, as compared to $116.0 million in the fourteen weeks ended February 2, 2013. The fourteenth week in the fourth quarter of fiscal 2012 contributed approximately $5.1 million in net sales. During the quarter, the Company operated an average of 43, or 6.9%, fewer stores than during the comparable period last year.

Same-store sales decreased 1.4% in the thirteen weeks ended February 1, 2014, as compared to the thirteen weeks ended February 2, 2013; this follows an 18.5% same-store sales increase in last year's fourth quarter.

Operating loss totaled $0.5 million for the thirteen week period ended February 1, 2014. Operating loss was $4.0 million for the fourteen weeks ended February 2, 2013.

Net loss for the thirteen week period ended February 1, 2014 totaled $0.3 million, or a loss of $0.01 per share. Net loss for the fourteen weeks ended February 2, 2013 totaled $4.1 million, or a loss of $0.11 per share.

LuAnn Via, President and Chief Executive Officer, commented, "Despite the negative sales impact from temporary store closings and challenging traffic trends caused by the multiple snow storms and arctic temperatures during the fourth quarter, we met our quarterly financial goals. We were very pleased with the strong customer response to our merchandise offering and marketing efforts on days that were not adversely affected by weather.

Looking ahead, we remain focused on our key strategies, which include refining our merchandise assortment, maintaining healthy inventory levels, creating compelling marketing programs and capitalizing on our eCommerce site to drive incremental traffic and sales. In addition, we will continue to execute on our real estate plans designed to drive higher store sales productivity and four-wall operating profit. We look forward to building upon our momentum and believe that we are on track to deliver on our three-year growth plan."

Results for the Fifty-Two Weeks Ended February 1, 2014

Net sales totaled $435.8 million and same-store sales increased 8.1%, compared to the fifty-two week period ended February 2, 2013; this follows a 5.7% same-store sales increase for the fifty-three week period ended February 2, 2013.

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