Home / Knowledge / News / Results / Christopher & Banks records $83.2 million sales in Q1FY19

Christopher & Banks records $83.2 million sales in Q1FY19

Jun '19
Pic: Christopher & Banks Corporation
Pic: Christopher & Banks Corporation
Christopher & Banks Corporation, a specialty women’s apparel retailer, has posted total net sales of 83.2 million in the first quarter of fiscal 2019, a decrease of 3.1 per cent, while operating on average 457 stores. This compared to $85.9 million in total net sales for the first quarter of fiscal 2018, while operating on average 462 stores.

Comparable sales declined 3.6 per cent following a 2.6 per cent decrease in the same period last year. E-commerce comparable sales increased 10.7 per cent following a 7.8 per cent jump in the same period last year.

Gross margin rate was 30.8 per cent, as compared to 31.8 per cent in last year's first quarter. The decrease was largely due to increased fulfillment costs related to the higher penetration of e-commerce sales and in connection with our ship from stores initiative, as well as deleverage of occupancy costs. This was partially offset by a 75 basis point increase in merchandise margin.

“While our first quarter results did not reflect the level of improvement we had planned for, we continue to make progress on our strategic initiatives. We made strides in creating a more curated, relevant and inspiring assortment and in enhancing our customers' shopping experience. We also heightened our focus on marketing programs designed to drive loyalty and grow our customer base. In addition, we continued to advance our e-commerce capabilities driving double digit growth in this channel and launched Buy Online Pick Up In Store. In the last eight weeks of the quarter, as the weather improved, comparable sales increased 2 per cent. This demonstrates that when she is ready to shop, and we provide the right product and a superior customer experience, enhanced by our new style and selling programme," Keri Jones, president and chief executive officer, said.

"Looking ahead, we will remain focused on advancing our strategic initiatives which include enhancing her shopping experience, improving our marketing and promotional effectiveness, and expanding our omni-channel capabilities. At the same time, we will continue to focus on cost savings as we look to identify additional efficiencies in our business as well as work with our third-party real estate consultant to reduce our occupancy costs. Combined, we believe these efforts will enable us to deliver improved and sustainable financial results over the long term," explained Jones.

In the reported quarter, selling, general & administrative expenses declined by 1.9 per cent to $29.2 million. The decrease was primarily due to lower medical and marketing expenses, partially offset by higher severance and insurance expenses. As a percent of net sales, SG&A increased approximately 50 basis points to 35.1 per cent due to deleverage.

"Based on our first quarter performance and the volatility in the retail environment, we are revising our Fiscal 2019 guidance. Generating cash remains a priority as we continue to execute our strategy with a disciplined approach to both our inventory management and expenses. Based on our guidance we continue to have adequate financing capacity to move forward with our strategic initiatives," Jones continued. (RR)

Fibre2Fashion News Desk – India

Must ReadView All

Pic: Shutterstock

Textiles | On 27th Jan 2021

UK factories concerned over shortage of materials, workers

Concerns of UK manufacturers regarding shortage of low-wage workers...

Pic: Shutterstock

Retail | On 27th Jan 2021

US holiday season hit by understaffing, high turnover

The versatility and resilience of retailers helped many stores...

Pic: Wikipedia/Sabyasachi

Fashion | On 27th Jan 2021

ABFRL acquires 51% stake in Sabyasachi brand

Aditya Birla Fashion and Retail Limited, India’s leading fashion...

Interviews View All

Yash Agarwal, Hitansh Online

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Top executives, Textile industry, India

Top executives
Textile industry, India

The event should be organised every year

Cindy McNaull, Cordura

Cindy McNaull

We have broad range of options in durable fabrics

Nina Smith,

Nina Smith

GoodWeave International, a nonprofit working to end child, forced and...

Erwin Devloo,

Erwin Devloo

Picanol develops, produces and markets high-tech weaving machines, based...

Kurt Wedgwood,

Kurt Wedgwood

From design to raw material to fabrication and ultimately to delivery -...

Paige Mullis, Glen Raven Inc

Paige Mullis
Glen Raven Inc

Paige Mullis discusses the expansion plans of Glen Raven Inc in India, and ...

Robert Erichsen, Statex Produktions & Vertriebs GmbH

Robert Erichsen
Statex Produktions & Vertriebs GmbH

Statex Produktions & Vertriebs Gmbh, founded in 1978 and headquartered ...

Ashok Desai, Bombay Textile Research Association

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Varsha Wadhwa, VW

Varsha Wadhwa

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

Sonam & Paras Modi, SVA

Sonam & Paras Modi

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Anisha Chaudhari, Threads & Shirts

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

January 2021

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

Advanced Search