US: Christopher & Banks Q1 profit shrinks
- Q1 net profit US$1.9m, versus $6.3m
- Net sales down 2% to $123.8m
- Extends existing $50m credit facility
Women’s apparel retailer Christopher & Banks posted a much-reduced first quarter net profit as revenues and same store sales both edged down 2% in the three months to 28 May.
The US company also announced an extension to its existing $50m credit facility with Wells Fargo Bank, featuring a new maturity date of 30 June, 2014.
“During the first quarter, we continued to make progress on our key initiatives to improve the business,” said Larry Barenbaum, Christopher & Banks president and CEO.
“A modest selection of new product reflecting our updated styling was delivered in May and demonstrated stronger sell-through than we have seen during the past several seasons, and we are encouraged that we are on the right track with our merchandise initiatives.”
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