Business
Christopher & Banks Corporation Announces Preliminary Fourth Quarter Comparable Sales Growth of 3.6% and Net Sales Growth Of 4.5%
Christopher & Banks Corporation Announces Preliminary Fourth Quarter Comparable Sales Growth of 3.6% and Net Sales Growth Of 4.5%.
About this update from Christopher & Banks Corp
[{"type":"text","content":"\nChristopher & Banks Corporation (OTC: CBKC), a specialty women’s apparel retailer, today announced preliminary unaudited fourth quarter fiscal 2019 sales results.\n\n\nFor the fourth quarter ended February 1, 2020, the Company expects sales to increase 4.5% to approximately $88 million driven by a 3.6% comparable sales increase. The Company’s gross margin rate is expected to expand over 250 basis points as compared to the same period last year primarily due to reduced occupancy costs and sales leverage. SG&A as a percentage of sales is expected to improve by more than 200 basis points versus the fourth quarter of last year as a result of cost savings as well as leverage on sales growth.\n\n\nKeri Jones, President and Chief Executive Officer, commented, “For the fourth quarter, we once again delivered positive comparable sales and generated our fifth consecutive quarter of merchandise margin expansion. This performance is a validation of our turnaround plan as our strategic initiatives come together to drive improved financial performance. 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. We look forward to sharing our results and outlook for fiscal 2021 on our fourth quarter conference call.”\n\n\nFourth Quarter and Full Fiscal Year 2019 Earnings Call Details\n\n\nFinancial results for the fourth quarter and full fiscal year 2019 will be released before the market opens on Tuesday, March 10, 2020. The Company will host a conference call at 8:30 a.m. Eastern Time on March 10th to discuss its financial results.\n\n\nInvestors and analysts interested in joining the call are invited to dial (877) 705-6003 or (201) 493-6725 if calling internationally. Please dial in approximately 10 minutes prior to the start of the call. A live webcast of the conference call will be available in the investor relations section of the Company’s website, www.christopherandbanks.com. A replay of the webcast will also be available following the conference call on the Company’s website for 30 days.\n\n\nIn addition, a replay of the call will be available shortly after the completion of the conference call through March 17, 2020...