Christopher & Banks sales down 3%, narrows comp losses

By

Jennifer Braun

Published
Jun 1, 2018

Minnesota-based apparel retailer Christopher & Banks Corporation announced on Thursday its first quarter results, with a drop in net sales leaving the company in a difficult position. 

 
Net sales for the quarter were $85.9 million, down 3 percent, while operating on average 462 stores. This compared to $88.6 million in net sales for the first quarter of fiscal 2017, while operating on average 479 stores.
 
Comparable sales equally decreased 2.6 percent following an 8.9 percent decrease in the same period last year. Fortunately, e-commerce growth alleviated some pressure with an e-commerce sales gain of 7.8 percent during the quarter. 

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“Our first quarter financial results did not meet our expectations due in part to underperformance in woven jackets and bottoms, and unseasonable weather, particularly in our Midwest and Northeast regions. However, we saw momentum continue in our eCommerce business as well as in our outlet stores, both of which delivered positive sales comps in the quarter,” explained Keri Jones, President and Chief Executive Officer, in a news statement. 
 
“Sales performance improved as the weather became more seasonal during the latter part of the quarter as customers responded favorably to our product offering. This sales momentum continued into May, resulting in positive comparable sales in the low single digits quarter-to-date.”
 
Net loss totaled $5.3 million, or $0.14 per share.
 
As of May 31, 2018, the company operates 462 stores in 45 states, as well as its e-commerce website.