"While the retail environment remains challenging, we are cautiously optimistic about the future and remain confident in our ability to execute our long-term strategy," he adds.
Prange credits the company's 19.5% operating margins during fiscal 2002 for its ability to "self-fund" the opening of 82 new stores, the purchase of its headquarters and distribution center facility and the installation of new point-of-sale hardware and software for all stores. In addition, the company retired the remaining $5.3 million of long-term debt in December -- and increased its year-end cash balance from $34.8 million to $40.9 million.
The Minneapolis-based retailer says its fourth quarter earnings for the fiscal year ended March 2 rose 21% to a record $10.3 million, or $0.39 per share, while net sales were up 22% to $82.8 million. Same-store sales increased 1% for the 13-week period.
For the fiscal year ended March 2, net income was up 29% to a record $32.9 million, or $1.26 per share, while net sales increased 32% to $275.9 million. Same-store salesincreased 6% for the year.
Christopher & Banks, which sells women's clothing under the Christopher & Banks and C.J. Banks labels, operates 364 stores in 30 states, located primarily in the northern half of the US.
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