Business
Christopher & Banks Corporation Reports Fourth Quarter and Full Year Fiscal 2019 Financial Results
Christopher & Banks Corporation Reports Fourth Quarter and Full Year Fiscal 2019 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 13-week fourth quarter and 52-week fiscal year ended February 1, 2020, as compared to the 13-week fourth quarter and 52-week fiscal year ended February 2, 2019.\n\n\nFourth Quarter Fiscal 2019 Highlights:\n\n\n\nComparable sales increased 3.6%\n\n\nTotal revenue increased 4.5% to $88.1 million\n\n\nNet loss improved by $6.2 million to $5.1 million\n\n\nAdjusted EBITDA* improves by $4.1 million to negative $3.0 million\n\n\n\nKeri Jones, President and Chief Executive Officer, commented, “Our fourth quarter results reflect substantial improvement over the prior year and is further evidence of the work we have done in enhancing her shopping experience, improving our marketing and promotional effectiveness, expanding omni-channel capabilities and reducing our costs. We saw a major change in the year-over-year trajectory for the fall season generating a 4.1% increase in comp sales while delivering gross margin expansion and SG&A expense reductions resulting in a $9.6 million EBITDA improvement to nearly breakeven EBITDA. We are also pleased to see that this positive sales momentum continued through fiscal February. We look forward to building on these accomplishments in the coming year as we have built the foundation to drive consistent long-term profitable growth and establish a differentiated brand positioning in the marketplace.”\n\n\nResults for the Fourth Quarter Ended February 1, 2020\n\n\n\nNet sales grew 4.5% to $88.1 million, while operating on average 452 stores. This compares to $84.3 million in net sales for the fourth quarter of Fiscal 2018, while operating on average 460 stores.\n\n\nComparable sales increased 3.6% following a flat comp sales result in the same period last year.\n\n\nGross margin rate was 30.4%, as compared to 27.5% in last year's fourth quarter. The 290 basis point increase was due primarily to reduced occupancy costs as well as merchandise margin improvement.\n\n\nSelling, general & administrative expenses (“SG&A”) decreased by 1.7% to $29.9 million. The decrease was primarily due to lower expenses for medical benefits. As a percent of net sales, SG&A improved approximately 220 basis points to 34.0% due to lower expenses and leverage on h...