US: Christopher & Banks doubles Q3 profit
- Q3 profit of US$8.6m versus $3.6m
- Sales edge up 0.7% to $118.1m from $117.3m
- Same-store sales grew 4.9%
Women's apparel retailer Christopher & Banks has more than doubled its third quarter net profit, helped by improvements to its merchandise.
"Our momentum continued in the third quarter as reflected in our sixth consecutive quarter of comparable store sales growth and strong bottom line results," said president and CEO LuAnn Via.
The company attributed the 4.9% same-store sales growth, and the 139% hike in net income, to the refinement of its merchandise strategy. Greater focus on targeted marketing programmes, optimisation of its multi-channel opportunities and its enhanced store experience also helped.
It expects fourth-quarter same-store sales to increase in the low single digit range, and gross margin to improve by 100-150 basis points.
"As we head into the holiday season we believe that our merchandise assortment and our marketing programme offer our customer the right balance of quality and price to meet her needs.
"That said, we expect the promotional environment to remain aggressive, and we will remain diligent in managing inventory levels and operating costs, accordingly," Via said.
"We look forward to a solid ending to a challenging 2013 retail environment and we remain confident in our three-year growth plan."
Women's wear retailer Christopher & Banks has narrowed its loss during the fourth quarter, despite being hit by store closures and adverse weather conditions....
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