US: Christopher & Banks Q4 loss narrows
- Q4 loss of US$300,000 from $4.1m
- Sales fall 9.6% to $104.9m
- Same store sales down 1.4%
Women's wear retailer Christopher & Banks has narrowed its loss during the fourth quarter, despite being hit by store closures and adverse weather conditions.
"Despite the negative sales impact from temporary store closings and challenging traffic trends caused by the multiple snow storms and arctic temperatures during the fourth quarter, we met our quarterly financial goals," said president and CEO LuAnn Via.
For the 52 weeks to 1 February, the company swung to a net income of $8.7m against a $16.1m loss in the same period last year, while sales edged up 1.3% to $435.8m from $430.3m in the previous year.
Same-store sales fell 1.4% during the quarter, in which the company operated 43 fewer stores than the year earlier.
"Looking ahead, we remain focused on our key strategies, which include refining our merchandise assortment, maintaining healthy inventory levels, creating compelling marketing programs and capitalising on our e-commerce site to drive incremental traffic and sales," Via added.
"In addition, we will continue to execute on our real estate plans designed to drive higher store sales productivity and four-wall operating profit."
US speciality women's apparel retailer Christopher & Banks has adjusted its guidance for the fourth quarter and said it is comfortable with its position heading into the new fiscal year....
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