Please wait while we load the requested 10-Q report or click the link below:
2400 Xenium Lane North, Plymouth, MN 55441 ▪ (763) 551-5000 ▪ www.christopherandbanks.com
CHRISTOPHER & BANKS CORPORATION REPORTS
THIRD QUARTER FISCAL 2018 FINANCIAL RESULTS
- Net Sales of $91.3 Million -
- $15.5 Million in Cash and No Debt at end of Q3 -
- Fourth Quarter To-Date Positive Comparable Sales at Improved Gross Margins -
- Providing Fiscal 2019 Outlook -
- Announces New Chief Stores Officer -
Minneapolis, MN, December 4, 2018 - Christopher & Banks Corporation (NYSE: CBK), a specialty women’s apparel retailer, today reported results for the third quarter ended November 3, 2018.
Keri Jones, President and Chief Executive Officer, commented, “While we are disappointed in our third quarter performance, I remain confident in our path forward. Our third quarter results were adversely impacted by the combination of shipment delays and lower planned levels of inventory which resulted in an average of 17% less inventory on hand than in last year’s third quarter. In addition, moving through excess spring/summer merchandise inventory was more challenging than the prior year and created meaningful pressure on our gross margin. Notably, as newer merchandise arrived in stores, we have been encouraged by the response as these deliveries have been resonating with our customers. Quarter-to-date we are seeing positive comparable sales coupled with gross margin expansion. Importantly, the abundance of work we have done over the last eight months, focused on strengthening our merchandising strategy, developing a more impactful marketing approach and enhancing our omni-channel capabilities, are beginning to bear fruit. At the same time, we continue to make progress in advancing process improvement initiatives and reducing costs. Looking ahead, we expect this momentum to continue as our entire team is energized and focused on the strategic initiatives that we believe will drive improved sales, operating results and cash flow in the future.”
Results for the Third Quarter Ended November 3, 2018
Net sales totaled $91.3 million, a decrease of 7.3%, while operating on average 461 stores. This compares to $98.5 million in net sales for the third quarter of fiscal 2017, while operating on average 473 stores.
Comparable sales decreased 7.5% following a 5.0% decrease in the same period last year. eCommerce sales increased 10.7% following an 8.5% increase in the same period last year.
Gross margin rate was 29.8%, as compared to 33.8% in last year’s third quarter. The decrease was due to lower merchandise margins on spring/summer merchandise, deleverage of fixed costs and
The following information was filed by Christopher Banks Corp (CBK) on Tuesday, December 4, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.