• Q1 net loss widens to $13.4m
  • Net sales slump 15.2% to $93.6m
  • CEO Joel Waller admits merchandise was priced too high

Women's wear retailer Christopher & Banks saw its first-quarter net losses widen after admitting its merchandise was priced too high, resulting in higher markdowns.

Net loss for the thirteen-week period ended 28 April was US$13.4m, compared to a $8.2m loss the year before.

Operating loss also widened to $13.4m, compared to an $8.3m loss the same period last year. This included an $800,000 credit related to non-cash store asset impairment and restructuring charges.

Net sales slumped 15.2% to $93.6m, while same store sales fell 15% in the first quarter compared to the comparable period last year.

Joel Waller, president and CEO, said: "Our financial results reflect continued customer resistance to the residual merchandise assortment that consisted of styles that were too updated and priced too high while lacking in key categories.

"While we were able to impact a small portion of the first quarter merchandise assortment with improved styles and a better price/value proposition, the majority of the assortment needed to be aggressively marked down."