Christopher & Banks trims losses in second quarter
today Sep 11, 2019
Plymouth, Minesotta-based womenswear retail group Christopher & Banks Corporation reported improvements in its bottom line on Tuesday, as successful efforts to cut costs and optimize the company’s retail fleet offset a dip in sales.
In the second quarter ended August 3, 2019, a period during which the company ran 456 locations on average, Christopher & Banks’ net sales totaled $83.4 million, down 4.5% from $87.4 million in the prior year period, when the retailer operated 462 stores. The company’s comparable sales declined 4.1%.
Christopher & Banks was, however, able to cut its selling, general and administrative expenses to $27.8 million in Q2, representing a 6.5% decrease when compared to the same period in the previous year.
Thanks to this progress, the company announced a narrowed net loss of $5.9 million, or $0.16 per share, compared to the loss of $7.4 million, or $0.20 per share, reported by the retailer in Q2 2018.
Year to date, Christopher & Banks’ net sales dropped 3.8% from $173.3 million to $166.7 million, while its net loss was $12.1 million, or $0.32 per share, a slight improvement compared to the loss of $12.75 million, or $0.34 per share, reported by the company in the first half of 2018.
“Our second quarter results reflect meaningful progress on our initiatives to drive improved bottom line performance,” said Christopher & Banks Corporation President and CEO Keri Jones in a release. “We are confident that we are on the right path to delivering improved sales performance based on the continuation of higher conversion rates, increased full-price sell-through and the growth we experienced in new and reactivated customers during the second quarter.”
The company also announced that it has maintained its full-year 2019 guidance and continues to expect net sales to remain flat or increase up to 2%.
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