- Net sales for the third quarter were $123.9 million, as compared to $120.9 million for the third quarter of fiscal 2011. Same store sales were essentially flat for the quarter.
- Gross profit was $26.8 million, as compared to $43.4 million in the third quarter of fiscal 2011. Gross profit margin was 21.7% for the third quarter of fiscal 2012, as compared to 35.9% in the third quarter of fiscal 2011.
- Asset impairment charges estimated at $11.4 million for the third quarter of fiscal 2012 include non-cash asset impairment charges related to approximately 100 stores planned to close by January 2012 and non-cash asset impairment charges for stores the Company plans to continue to operate. The Company also recorded $0.8 million of severance charges related to closing stores and a reduction in force in October involving corporate office and field management personnel. No asset impairment or restructuring charges were recorded in the third quarter of fiscal 2011.
- Operating loss totaled $28.2 million which includes the asset impairment and restructuring charges referred to above. This compares to an operating loss of $0.2 million in the third quarter of fiscal 2011, which included a pre-tax severance charge of approximately $1.0 million related to the separation of the Company’s former Chief Executive Officer.
- Net loss totaled $28.2 million, or $0.79 per share, for the third quarter, which includes $12.2 million, or $0.34 per share, of restructuring charges and the estimated asset impairment charges. This compares to a net loss of $9.2 million, or $0.26 per diluted share, for the third fiscal quarter of 2011, which included a non-cash charge resulting from recording a $12.9 million, or $0.36 per share, valuation allowance related to the Company’s deferred tax assets and a pre-tax severance charge of approximately $1.0 million, or $0.02 per share.
Christopher & Banks Corporation Reports Third Quarter Fiscal 2012 Results
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