Business
Christopher & Banks Corporation Reports First Quarter Fiscal 2019 Financial Results
Christopher & Banks Corporation Reports First Quarter Fiscal 2019 Financial Results.
About this update from Christopher & Banks Corp
[{"type":"text","content":"\n \n Christopher & Banks Corporation (OTC:CBKC), a specialty women’s apparel \n retailer, today reported results for the first quarter ended May 4, 2019.\n \n \n Keri Jones, President and Chief Executive Officer, commented, “While our \n first quarter results did not reflect the level of improvement we had \n planned for, we continue to make progress on our strategic initiatives. \n We made strides in creating a more curated, relevant and inspiring \n assortment and in enhancing our customers' shopping experience. We also \n heightened our focus on marketing programs designed to drive loyalty and \n grow our customer base. In addition, we continued to advance our \n eCommerce capabilities driving double digit growth in this channel and \n launched Buy Online Pick Up In Store. In the last eight weeks of the \n quarter, as the weather improved, comparable sales increased 2%. This \n demonstrates that when she is ready to shop, and we provide the right \n product and a superior customer experience, enhanced by our new style \n and selling program, she responds.\n \n \n Looking ahead, we will remain focused on advancing our strategic \n initiatives which include enhancing her shopping experience, improving \n our marketing and promotional effectiveness, and expanding our \n omni-channel capabilities. At the same time, we will continue to focus \n on cost savings as we look to identify additional efficiencies in our \n business as well as work with our third-party real estate consultant to \n reduce our occupancy costs. Combined, we believe these efforts will \n enable us to deliver improved and sustainable financial results over the \n long term.”\n \n \n Results for the First Quarter Ended May 4, 2019\n \n \n \n Net sales totaled $83.2 million, a decrease of 3.1%, while operating \n on average 457 stores. This compares to $85.9 million in net sales for \n the first quarter of Fiscal 2018, while operating on average 462 \n stores.\n \n \n Comparable sales declined 3.6% following a 2.6% decrease in the same \n period last year. eCommerce comparable sales increased 10.7% following \n a 7.8% increase in the same period last year.\n \n \n Gross margin rate was 30.8%, as compared to 31.8% in last year's first \n quarter. The decrease was largely due to increased fulfillment costs \n related to the higher penetratio...