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Published
Jun 15, 2020
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Sales fall more than 50% at Christopher & Banks

Published
Jun 15, 2020

Minnesota-based women’s fashion retailer Christopher & Banks Corporation announced a 51.8% decline in its net sales and a significantly widened net loss for the first quarter as a result of temporary store closures related to the Covid-19 pandemic.


Since the end of Q1, Christopher & Banks has reopened 90% of its physical stores - Instagram: @christopherandbanks

 
For the first quarter ended May 2, 2020, the company’s sales totaled $40.1 million, down from $83.2 million in the prior-year period. Christopher & Banks implemented temporary closures across its 445-store brick-and-mortar network on March 19, a measure which extended beyond the end of the first quarter.
 
The retailer’s quarterly net loss came to $17.2 million, or $0.46 per share, compared to a net loss of $6.2 million, or $0.16 per share, in the same period in the previous year.

“Prior to the Covid-19 pandemic, we were both pleased and highly encouraged with the momentum in our business,” said Christopher & Banks president and CEO Keri Jones in a release. “When the pandemic hit, the team was agile and decisive, taking dramatic action to stem cash outflows. In addition, subsequent to the end of the quarter, we secured a $10 million PPP loan under the SBA’s alternative size standard. We plan to use these funds for qualified expenses and therefore expect the loan to be forgiven under these usage terms.”
 
Along with the loan, Christopher & Banks implemented a number of other measures that aim to preserve its liquidity during the pandemic. These included the furloughing of all store associates and 60% of the company’s remaining workforce, temporary reductions of between 20% and 50% in corporate salaries, the suspension of the majority of planned capital expenditures, and a significant reduction in operating expenses.
 
Christopher & Banks began the gradual reopening of its brick-and-mortar stores on April 27. Currently, 90% of the company’s retail network has returned to operations.
 
According to Jones, sales volume in the retailer’s reopened stores is growing in line with expectations, while quarter-to-date digital sales have risen 50%.
 
Due to continued uncertainty regarding the economic effects of the Covid-19 pandemic, Christopher & Banks did not provide financial guidance for fiscal 2020.

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