Christopher & Banks Corporation (NYSE: CBK), a specialty women’s apparel retailer, today reported results for the thirteen-week period ended April 28, 2012, its first quarter of fiscal 2012. As previously announced, the Company changed its fiscal year end to the Saturday nearest to the end of January, from the Saturday nearest to the end of February, to better align the Company’s financial reporting periods with its operational cycle and with other specialty retail companies. Financial results for the first quarter will be compared to the thirteen-week period ended April 30, 2011.
Results for the Thirteen-Week Period Ended April 28, 2012
- Net sales totaled $93.6 million, as compared to $110.4 million in the comparable period last year. Same store sales decreased 15% in the first quarter as compared to the comparable period last year.
- Operating loss totaled $13.4 million and included a $0.8 million, or $0.02 per share, credit related to non-cash store asset impairment and restructuring charges. This compares to an operating loss of $8.3 million for the thirteen weeks ended April 30, 2011.
- Net loss for the quarter totaled $13.4 million, or $0.38 per share, including the $0.02 per share credit related to the above-mentioned non-cash asset impairment and restructuring charges. Net loss for the thirteen-weeks ended April 30, 2011 totaled $8.2 million, or $0.23 per share.
Joel Waller, President and Chief Executive Officer, commented, “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.