US: Christopher & Banks Q2 losses narrow
- Q2 losses narrow to $2.2m
- Sales slip 2% to $103.4m
- Same-store sales up 5.5%
Women's wear retailer Christopher & Banks has seen its second-quarter losses narrow on the back of rising same-store sales as new merchandising efforts take hold.
Net loss narrowed to US$2.2m for the three months to 28 July, from a $6.2m loss in the same period last year. Operating loss also narrowed to $2.2m, from a loss of $6.3m last time.
Meanwhile, net sales edged down 2% to $103.4m, which the retailer blamed on fewer stores than last year. Same-store sales climbed 5.5%.
"Our second quarter performance reflects marked improvement in our business," said CEO and president Joel Waller.
"Our comparable store sales, merchandise margin rate and inventory levels all showed significant improvement compared to the prior quarter and exceeded our expectations.
"We drove positive comparable store sales through the execution of our merchandising and marketing strategies, which also resulted in sequential improvement in our merchandise margins."
Earlier this year Waller said the retailer was rebalancing its assortment to offer the "right mix of products," as well as lowering opening price points.
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US women's wear retailer Christopher & Banks has lifted its fourth-quarter comparable sales guidance as it continues to make progress with ongoing restructuring efforts....
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