Published
May 26, 2017
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Christopher & Banks suffers double-digit sales drop in Q1

Published
May 26, 2017

Christopher & Banks Corporation reported double-digit decreases in sales for the first financial quarter of 2017. Net sales fell 11.5 percent to 88.6 million.


Christopher & Banks

 
Despite the overall drop in sales, the Minnesota-based women’s specialty retailer reported a 14.7 percent increase in e-commerce sales. The women’s retailer significantly reduced its number of stores this quarter, compared to the same quarter last year, from an average of 516 stores to an average of 479 for the quarter.
 
The reduction in stores led to a decrease in selling, general and administrative expenses by $4.5 million. The company did however see an increase in operating costs for its e-commerce sector. Total inventory was also down to $42.1 million, compared to $50.5 million at the end of the same quarter last year.

The company’s interim president and CEO Joel Waller emphasized the company’s e-commerce success. Waller said Christopher & Banks should see improved sales by the end of the year as a result of new inventory.

“While our first quarter results did not meet our expectations, we are pleased with our strong eCommerce growth, as well as the traction we have gained across a number of initiatives that we expect will yield improved financial performance in the back half of the year,” he said in a statement.
 
Christopher & Banks was founded in 1956 in Minneapolis. It currently holds 475 stores in 45 states and also operates the plus-size division CJ Banks. 

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