Christopher & Banks Corporation (NYSE: CBK), a specialty women’s apparel retailer, today reported results for the thirteen-week and twenty-six-week periods ended July 28, 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. In this release, financial results for the second fiscal quarter are compared to the thirteen-week period ended July 30, 2011.
Results for the Thirteen-Week Period Ended July 28, 2012
- Net sales totaled $103.4 million, as compared to $105.6 million in the comparable period last year. During the quarter the Company operated an average of 113, or 15%, fewer stores than during the comparable period last year.
- Same store sales increased 5.5% in the second quarter of fiscal 2012, as compared to the comparable period last year.
- Operating loss totaled $2.2 million and included a $4.7 million pre-tax, non-cash benefit related to restructuring charges. This compares to an operating loss of $6.3 million for the thirteen weeks ended July 30, 2011.
- Net loss for the quarter totaled $2.2 million, or $0.06 per share, including the $4.5 million after-tax, or $0.13 per share, non-cash benefit related to restructuring charges. Net loss for the thirteen weeks ended July 30, 2011 totaled $6.2 million, or $0.18 per share.
Joel Waller, President and Chief Executive Officer, commented, “Our second quarter performance reflects marked improvement in our business, demonstrating that our strategic initiatives are taking hold. Our comparable store sales, merchandise margin rate and inventory levels all showed significant improvement compared to the prior quarter and exceeded our expectations. We drove positive comparable store sales through the execution of our merchandising and marketing strategies, which also resulted in sequential improvement in our merchandise margins. We have substantially completed our real estate restructuring program and signed a new credit agreement that enhances our financial flexibility. Overall, the second quarter was a pivotal period for Christopher & Banks and we look forward to building continued momentum in the second half of fiscal 2012 and beyond.”