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Christopher & Banks net sales up 3% to $94 mn in Q3 FY19

Dec '19
Pic: Christopher & Banks Corp
Pic: Christopher & Banks Corp
Net sales of Christopher & Banks Corporation, a specialty women’s apparel retailer, grew 3 per cent to $94.1 million in the third quarter of fiscal 2019 ending November 2, 2019. This compares to $91.3 million in net sales for third quarter of fiscal 2018. Comparable sales increased 4.5 per cent following a 7.5 per cent decrease in same period last year.

Net income improved $0.5 million to $9.3 million, or $0.01 per diluted share, compared to a net loss for the prior year's third quarter of $8.8 million, or $0.24 per share.

“We were very pleased with our results in the third quarter as we delivered strong performance across all key financial metrics. Comparable sales growth of 4.5 per cent reflects positive results in each month of the quarter as well as positive comparable sales across all channels. When I joined Christopher and Banks, I saw enormous untapped potential to address an underserved customer with a highly regarded and trusted brand and put in place a plan to capture this customer segment,” said Keri Jones, president and chief executive officer, Christopher & Banks Corporation.  

“Over the past 18 months, we have rebuilt our leadership team, dramatically improved and elevated our product assortment, enhanced our shopping experience across channels, significantly expanded our omni-channel capabilities, improved our inventory management, restructured our real estate portfolio, and reduced non-merchandise related cost. Layering upon these accomplishments, we most recently repositioned our marketing strategy, which is already having an impact on our business through new and reengaged customers. Our performance illustrates the impact of the work we have done to build a foundation for future success. We view the third quarter as a pivotal period from which to build upon as we continue to refine our strategies and drive sustainable sales and earnings growth in the fourth quarter and beyond.”

For the full year of fiscal 2019, the company continues to expect net sales to be flat to up 2 per cent as the result of expanded omni-channel capabilities, enhancements to the overall product assortment, and more impactful marketing promotions intended to drive customer file growth;

Gross margin expansion of 100 to 200 basis points is expected.

Fibre2Fashion News Desk (PC)

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