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Christopher & Banks Q2 FY20 sales slip to $58 mn

Sep '20
Pic: Shutterstock
Pic: Shutterstock
Christopher & Banks Corp, a US-based specialty women’s apparel retailer, has reported 29.9 per cent sales decline to $58.4 million in its second quarter (Q2) for fiscal 2020 ended on August 1, 2020, compared to the sales of $83.4 million in the same period previous year. Company incurred a net loss during Q2 FY20 of $15.1 million (Q2 FY19: $5.9 million).
“We leveraged our expanded omni-channel capabilities and store inventories, driving 70.9 per cent growth in our e-commerce business for the second quarter. Notably, we saw accelerated growth in both our store customers shopping online for their first time as well as in new online customers, giving us even greater confidence in our longer term opportunities,” Keri Jones, president and chief executive officer at Christopher & Banks, said in a press release.
Gross profit for the quarter was down to $6.3 million ($24.4 million). Selling, general and administrative expenses for Q2 FY20 were $19.3 million ($27.7 million). Company’s operating loss was $14.8 million ($5.7 million).
“We believe that we are well-positioned for the evolving retail landscape given our highly loyal customer base, great value proposition, product offering of casual comfort that matches our customer’s lifestyle, and our expanded omni-channel capabilities. We have the right management team, the right market positioning and infrastructure, and the right strategic plan to drive long term profitable growth in the new environment,” Jones said.

Fibre2Fashion News Desk (JL)

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