Christopher & Banks reports turnaround in Q3FY17
December 05, 2016 - United States Of America
For the three months ended October 29, 2016, Christopher & Banks reported a turnaround by posting a net income at $3.5 million, or $0.09 per diluted share, compared to net loss of $0.3 million, or a $0.01 loss per share in the earlier fiscal’s third quarter. While, adjusted EBITDA stood at $6.7 million as against $3.8 million in the fiscal ago quarter.
Net sales in the third quarter of fiscal 2017 at the specialty women’s apparel retailer reached $106.7 million, up 2.9 per cent, as against $103.6 million in net sales for the third quarter of fiscal 2016. Comparable sales rose 4.5 per cent vis-à-vis a 6.7 per cent decline in the same quarter of last fiscal.
In the reporting quarter, gross margin as a percentage of sales increased 95 basis points versus the prior fiscal’s comparable quarter to 36.8 per cent.
On-hand inventory at cost in the quarter under review was down 3.8 per cent, which the retailer said was in line with its expectations.
Cash, cash-equivalents and investments touched $25.8 million as on October 29, 2016 and capital expenditures for the third quarter of fiscal 2017 were $2.0 million compared to $5.1 million in last fiscal’s third quarter. (AR)