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Christopher & Banks Comps Lag

MINNEAPOLIS-Same-store sales for the apparel purveyor post a Q3 decline.

By Dees Stribling | Updated on December 21, 2004

MINNEAPOLIS-Apparel retailer Christopher & Banks Corp. reported a disappointing third fiscal quarter yesterday, with same-store sales declining 1% during the quarter (which ended Nov. 27), compared with Q3 2003. In line with the company’s recently revised expectations, net income was $7.8 million, or $0.22 per share, compared with $11.4 million, or $0.29 per share, in the same period last year.

Bill Prange, chairman and CEO of the retailer, put the best face on the situation by noting that “while sales results were disappointing for the quarter, we responded to the sluggish consumer demand by taking the markdowns necessary to keep our inventories on plan. We finished the quarter with total inventory per square foot being flat with last year.

“Based on month to date performance and our expectations for the balance of the month, we anticipate that December same-store sales will decline in the range of 6% to 7%,” he continued. “We do, however, anticipate that December merchandise margins will improve modestly over last year’s levels.”

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