Christopher & Banks expects 4.5% sales rise in fourth quarter
Feb 28, 2020
Minneapolis-based womenswear retailer Christopher & Banks Corporation reported its preliminary fourth-quarter financial results on Thursday, announcing that it expects to see a moderate sales rise, as well as improvements in gross margin.
For the fourth quarter ended February 1, 2020, the company expects net sales to total $88 million, representing a 4.5% increase compared to the $84.3 million reported in the same period in the previous year. Comparable sales are predicted to rise 3.6%.
Due to reduced occupancy costs and sales leverage, Christopher & Banks also expects that its gross margin rate will expand more than 250 basis points during the quarter, while selling, general and administrative expenses are predicted to improve by over 200 basis points thanks to the implementation of cost-saving measures and leverage on sales growth.
“This performance is a validation of our turnaround plan as our strategic initiatives come together to drive improved financial performance,” commented Christopher & Banks president and CEO Keri Jones in a release. “We are excited about our future as we continue to focus on enhancing our customer’s shopping experience, improving our marketing and promotional effectiveness, elevating our omni-channel experience and driving expense reductions.”
Christopher & Banks currently operates 445 stores in 44 U.S. states. 309 of these are operated under the MPW banner, 31 under the Christopher & Banks brand and 28 as part of the company’s plus size CJ Banks division. A further 77 are outlet stores. The company also runs a dedicated e-commerce website.
The company plans to report its complete fourth-quarter and full-year 2019 financial results on Tuesday, March 10, 2020.
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