US: Christopher & Banks reports weak Q2
- Widened Q2 loss to $2.5m
- Sales remained flat at US$101.3m
- Same-store sales increased 1%
Losses at Christopher & Banks Corporation extended during the second quarter as sales remained largely flat over the same period last year.
The speciality women's apparel retailer said that total net sales for the second quarter were US$101.3m, as compared to $101.2m for the second quarter of fiscal 2010. Same-store sales increased 1%.
Operating loss totalled $4.4m, including a non-recurring pre-tax severance charge of $0.5m related to the exit of the company's former chief financial officer. This compares to an operating loss of $3.5m in the same period last year.
Net loss totalled $2.5m compared to a net loss of $2.1m a year ago.
For the first six months, total net sales were $227.6m, up on the $221.5m achieved in the same period last year. Net income was $3.8m versus a net loss of $0.4m last time.
Lorna Nagler, president and CEO said: "Despite a solid start to the quarter, August sales results fell short of expectations, resulting in a slight earnings shortfall.
"While our August merchandise deliveries did not resonate well with customers and led to increased promotions and gross margin pressure, response to our most recent fall deliveries is improved and we believe we are on track with our merchandise strategy."
Women's apparel retailer Christopher & Banks has today (25 February) promoted Michael Lyftogt to chief financial officer (CFO)....
Women's wear retailer Christopher & Banks Corporation has tapped its interim chief executive officer Larry Barenbaum to the permanent post of president and CEO....
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