• Q2 net loss of US$2.1m
  • Net sales were down 21% to $101.2m
  • Same-store sales fall 22%

Women's apparel chain Christopher & Banks Corporation has swung to a second quarter net loss, after same-store sales fell 22%.

The company reported a second quarter 2010 net loss of US$2.1m, compared to net income of $2m in the prior year period.

The firm realised SG&A cost reductions of $8.0m during the period though.

Net sales were $101.2m, down from $128.5m for the second quarter of fiscal year 2009.

Lorna Nagler, president and CEO, said: "During the second quarter, we saw sequential improvement in our merchandise margin trend from the first quarter due to fewer markdowns.

"We also made considerable progress toward achieving our SG&A reduction goal and in improving our inventory levels. The same store sales decline of 22% was in line with our expectations given the planned lower level of clearance inventory and fewer receipts in June and July, coupled with a continuation of weak traffic trends."

Total sales for the six months ended August were $221.5m compared to $283.8m for the same six month period last year. The net loss from continuing operations for the six months was $0.4m compared to net income of $13.8m for the first six months of last fiscal year.

The company expects a decline in comparable store sales in the low-to-mid teens for the third quarter of fiscal 2010, it added.