Christopher & Banks Corporation (NYSE: CBK), a specialty women’s apparel retailer, today reported results for the thirteen and thirty-nine-week periods ended October 27, 2012.
For the third quarter of fiscal 2012, the Company reported net sales of $117.3 million, operating income of $3.6 million and net income of $0.10 per diluted share, the first comparable period quarterly profit in ten quarters.
Results for the Thirteen-Week Period Ended October 27, 2012
- Net sales totaled $117.3 million, as compared to $114.6 million in the comparable period last year. During the quarter, the Company operated an average of 129, or 17%, fewer stores than during the comparable period last year.
- Same store sales increased 13.7% in the third quarter of fiscal 2012, as compared to the comparable period last year.
- Operating income totaled $3.6 million and included approximately $333,000 in pre-tax expenses related to restructuring charges. This compares to an operating loss of $14.0 million for the thirteen weeks ended October 29, 2011.
- Net income for the quarter totaled $3.6 million, or $0.10 per diluted share. Net loss for the thirteen weeks ended October 29, 2011 totaled $13.7 million, or $0.39 per share.
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 third fiscal quarter are compared to the thirteen-week period ended October 29, 2011.
“We are pleased that our strategic initiatives continue to gain traction, as evidenced by our markedly improved third quarter financial results. We drove strong comparable store sales growth and delivered operating income above our expectations, which is a reflection of how the organization has come together to execute on this turnaround strategy. I am also extremely pleased that LuAnn will be leading the team going forward and am confident there will be a smooth transition. As I have said before, while the turnaround is gaining traction, the Company is at the beginning of an 18 to 24 month process, with much work to do to return to an acceptable level of profitability. I am confident that LuAnn and her team will be successful in achieving this goal,” commented Joel Waller, who was the Company’s President and Chief Executive Officer until November 26, 2012, when LuAnn Via joined the Company as President and Chief Executive Officer.