US: Christopher & Banks cuts Q4 losses on comps boost
- Q4 loss of US$6.4m, versus $28.8m
- Sales down 1.9% to $101.9m
- Points to recent comps gains
Women’s wear retailer Christopher & Banks posted a better than expected fourth quarter net loss of US$6.4m, boosted by gains in same store sales towards the end of the fiscal year.
Sales in the three months to 27 February were down 1.9% to $101.9m, with comparable store sales falling 4%.
Last year’s fourth quarter net loss was $28.8m, while fiscal 2010’s figures were impacted by a $2.9m store impairment charge.
Full-year net sales slumped 14.2% to $455.4m, and comparable store sales slid 15%, the US company said.
The full-year net profit from continuing operations of $0.2m compared with a net loss of $8.1m in fiscal 2009.
Company president and CEO Lorna Nagler said the retailer was “very pleased” to have ended fiscal 2010 positively, with comps gains in the last two months of the fiscal year.
“Significant progress” had been made on operational initiatives, she added. “As we look ahead, we are encouraged by our prospects for profitable growth.
“The advances we are making in our merchandising and marketing efforts, our stronger operating platform and our healthy balance sheet positions us well to drive shareholder value.”
Christopher & Banks expects to see a mid to high single-digit increase in comparable store sales during the first quarter of fiscal 2011, the company said.
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Losses at Christopher & Banks Corporation extended during the second quarter as sales remained largely flat over the same period last year....
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