USA: Record Results At Christopher & Banks Corp
Minneapolis-based speciality retailer of women's clothing, Christopher & Banks Corporation, today reported record second quarter results as net sales soared 39 per cent.
The company, which provides exclusive fashions under the Christopher & Banks and CJ Banks labels, operates 341 stores in 30 states, located primarily in the northern half of the US.
For the second quarter, net income increased 27 per cent to a record $5.3m, or $0.31 per diluted share, compared to net income of $4.2m, or $0.25 per diluted share last year. Net sales for the second quarter increased nearly 40 per cent to $57.8m, compared to $41.5m last year, while same-store sales increased 8 per cent during the quarter.
Commenting on the rsults chairman and chief executive officer of Christopher & Banks Corporation, Bill Prange, said: "We are pleased to report record second quarter earnings. Our ability to generate this level of performance in a challenging retail environment clearly demonstrates the strength of our business model. Sales and earnings growth was driven by continued strong customer acceptance of our novelty sweaters, particularly in late July and throughout August."
He added that the company planned to continue its rapid expansion by opening around 90 new stores next year.
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