- Net sales totaled $68.8 million and same store sales decreased 14%, compared to the comparable nine-week period last year.
- Operating loss totaled $32.6 million and included $9.0 million, or $0.25 per share, of restructuring charges. The Company recorded approximately $8.3 million related to accrued lease termination liabilities associated with stores identified for closure as part of its real estate restructuring efforts. The Company also recorded approximately $0.4 million of severance charges related to terminations at its corporate office and in the Company’s field organization in the nine weeks ended January 28, 2012. In addition, the Company recorded approximately $0.3 million of other miscellaneous store closing costs.
- Net loss for the nine-week period totaled $31.7 million, or ($0.89) per share, including the $0.25 per share for restructuring charges mentioned above, and an effective tax rate of 2.5%, which is significantly lower than the statutory rate due to the Company’s maintenance of a full valuation allowance against its deferred tax assets.
Christopher & Banks Corporation Reports Results For The Nine And Forty-Eight Week Periods Ended January 28, 2012
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