LuAnn Via, President and Chief Executive Officer, stated, “I am both thrilled to join Christopher & Banks and excited about the opportunity to build upon the foundation that Joel and the team have established. The third quarter results are a testament to the effectiveness of the strategy that has been put in place and is confirmation that the Company is on the right path. I look forward to further building on this progress.”
Results for the Thirty-Nine-Week Period Ended October 27, 2012
- Total net sales were $314.3 million, as compared to $330.5 million for the thirty-nine weeks ended October 29, 2011. Same-store sales increased 1.5% in the first nine months of fiscal 2012.
- Operating loss totaled $11.9 million, and included a $5.2 million pre-tax benefit related to restructuring charges. This compares to an operating loss of $28.5 million for the comparable thirty-nine week period last year.
- Net loss for the thirty-nine weeks ended October 27, 2012 was $12.0 million, or $0.34 per share, which incorporates a tax provision of approximately $173,000. This compares to a net loss of $28.1 million, or $0.79 per share, for the thirty-nine weeks ended October 29, 2011.
Balance Sheet Highlights and Capital Expenditures
Cash, cash-equivalents and investments totaled $33.2 million as of October 27, 2012. Inventory per average store increased approximately 13% at the end of the third quarter, as compared to the comparable period last year.For the quarter and nine months ended October 27, 2012, the Company had no outstanding borrowings under its revolving credit facility. For the thirty-nine week period ended October 27, 2012, capital expenditures totaled approximately $3.1 million. Real Estate As part of the Company’s real estate restructuring efforts, all 103 stores identified for closure were closed as of July 28, 2012. The Company closed eight additional stores in the normal course of business during the third quarter ended October 27, 2012. The Company also opened one new dual store during the third quarter.