Business
Christopher & Banks Corporation Reports First Quarter Fiscal 2020 Financial Results
Christopher & Banks Corporation Reports First Quarter Fiscal 2020 Financial Results.
About this update from Christopher & Banks Corp
[{"type":"text","content":"\nChristopher & Banks Corporation (OTC: CBKC), a specialty women’s apparel retailer, today reported results for the first quarter ended May 2, 2020.\n\n\nFirst Quarter Fiscal 2020 Highlights:\n\n\n\nFebruary comparable sales increased 4.9%, reflecting gains across every channel ahead of COVID-19\n\n\nNet sales decreased 51.8% to $40.1 million compared to the same period last year\n\n\nNet loss $17.2 million compared to $6.2 million in the same period last year\n\n\nAdjusted EBITDA* was negative $14.6 million compared to negative $2.9 million last year\n\n\nSubsequent to first quarter, secured $10.0 million PPP loan under the SBA’s alternative size standard\n\n\n\nKeri Jones, President and Chief Executive Officer, commented, “Prior to the COVID-19 pandemic, we were both pleased and highly encouraged with the momentum in our business. We had made tremendous progress across our strategic initiatives, which was reflected in our strong comp growth, our operating margin expansion and growing customer file. We had a strong start to fiscal 2020 with nearly 5% comparable sales growth in February. When the pandemic hit, the team was agile and decisive, taking dramatic action to stem cash outflows. In addition, subsequent to the end of the quarter, we secured a $10 million PPP loan under the SBA’s alternative size standard. We plan to use these funds for qualified expenses and therefore expect the loan to be forgiven under these usage terms.\n\n\nMs. Jones continued, “As of today, we have reopened approximately 90% of our store base open and are pleased to see sales volume building in line with our expectations. Quarter-to-date digital sales are up 50% and we are encouraged to see some of our store-only customers purchasing online for the first time. We will continue to carefully manage expenses and protect cash as we navigate the coming months and position ourselves to regain the momentum that we began to experience as a result of our turnaround strategies. As we emerge from this crisis, we see opportunity to gain further market share as a result of the market disruption given our highly loyal customer base, strong value proposition and expanded omni-channel capabilities.”\n\n\nResults for the First Quarter Ended May 2, 2020\n\n\n\nNet sales decreased 51.8% to $40.1 million, largely due to temporary...