Christopher & Banks creeps into profit
today Dec 11, 2019
Plymouth, Minnesota-based womenswear retailer Christopher & Banks Corporation reported modest sales gains in the third quarter and managed to pull itself out of loss as its turnaround plan takes hold.
For the third quarter ended November 2, 2019, the company’s net sales grew 3.0% to $94.1 million, up from $91.3 million in the prior-year period. Comparable sales increased 4.5%, following a 7.5% decrease in Q3 2018.
Net income for the quarter totaled $0.5 million, or $0.01 per diluted share, compared to the net loss of $8.8 million, or $0.24 per diluted share, reported by Christopher & Banks in the same period in the previous year.
“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,” explained Christopher & Banks president and CEO Keri Jones in a release.
“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,” she continued.
Year to date, the company achieved $260.7 million in net sales, down from $264.6 million in the same period in the previous year. Christopher & Banks’ net loss for the period was $11.6 million, or $0.31 per diluted share, improving from a loss of $21.6 million, or $0.58 per diluted share, in the first three quarters of fiscal 2018.
Looking forward, the company has maintained its full-year guidance and continues to expect annual net sales to remain flat or increase up to 2%.
Christopher & Banks currently operates 452 stores in 44 U.S. states, as well as an e-commerce website.
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