Business
Christopher & Banks Corporation Reports Second Quarter Fiscal 2020 Financial Results
Christopher & Banks Corporation Reports Second 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 second quarter ended August 1, 2020.\n\n\nSecond Quarter Fiscal 2020 Highlights:\n\n\n\nNet sales decreased 29.9% to $58.5 million compared to the same period last year due to 36% fewer selling days related to temporary store closures, partially offset by 70.9% growth in its eCommerce business\n\n\nAs a percentage of sales, SG&A levered 20 basis points to 33.1%\n\n\nNet loss totaled $15.1 million, or ($0.40) per share, compared to a net loss of $5.9 million, or ($0.16) per share in the same prior year period\n\n\nAdjusted EBITDA* was negative $12.8 million compared to negative $3.0 million last year\n\n\nGenerated cash flow from operations of $5.1 million\n\n\n\nKeri Jones, President and Chief Executive Officer, commented, “Our top priorities continue to be the health and safety of our associates and customers as well as the sustainability of our business. Due to the strong foundation that we built and strategic plan we advanced over the course of the last two years, we were able to move quickly to adapt to the challenges brought on by the COVID-19 pandemic. We leveraged our expanded omni-channel capabilities and store inventories, driving 70.9% growth in our eCommerce business for the second quarter. Notably, we saw accelerated growth in both our store customers shopping online for their first time as well as in new online customers, giving us even greater confidence in our longer term opportunities. Importantly, with the strong customer response we have seen to new assortments, we believe that the substantial increase in new merchandise arriving over the next several months set us up for significantly improved performance in the back half of the year.”\n\n\nMs. Jones continued, “Prior to COVID, we were on our path to recovery through the execution of our strategic initiatives. I am very proud of our team’s efforts as we managed through this extremely challenging period and we remain committed to further advancing our strategies. At the same time, we are acutely focused on driving sales, managing inventory, minimizing expenses and protecting cash as we continue to navigate this pandemic and we believe we have adequate cash and availability to continue to effectively operate th...