US: Christopher & Banks returns to profit in Q3
- Company swings to Q3 profit of $3.6m
- Sales up 2.4% to $117.3m
Sales edged up 2.4% to $117.3m during the third-quarter
Women's wear retailer Christopher & Banks has returned to profit during its third-quarter on lower costs and increased sales.
Net income reached US$3.6m for the 13-weeks to 27 October, compared to a loss of $13.7m last year. Total costs and expenses declined 11.6% to $113.6m, from $128.5m the prior year.
Sales edged up 2.4% to $117.3m, compared to $114.6m the the year before, while same store sales increased 13.7%. Christopher & Banks operated an average of 129 fewer stores than during the comparable period last year.
Joel Waller, who was the company's president and CEO until 26 November, said: "We are pleased that our strategic initiatives continue to gain traction, as evidenced by our markedly improved third quarter financial results. We drove strong comparable store sales growth and delivered operating income above our expectations, which is a reflection of how the organisation has come together to execute on this turnaround strategy."
Incoming president and CEO LuAnn Via added: "The third quarter results are a testament to the effectiveness of the strategy that has been put in place and is confirmation that the company is on the right path."
Christopher & Banks expects to post high-single to low-double comparable store sales growth during the fourth quarter.
The company added it has changed its fiscal year-end to the Saturday nearest to the end of January, from the Saturday nearest to the end of February to align its financial reporting periods with its operational cycle.
Christopher & Banks has seen its fourth-quarter loss narrow after the women's wear retailer reduced costs and benefited from an extra week of trading....
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