American fashion retail company Christopher & Banks Corporation has announced financial results for the third quarter ended on October 28, 2017.
During the quarter, the retailer noted a decline of 7.7 per cent in its net sales to US $ 98.5 million as against US $ 106.7 million in the corresponding quarter of 2016.
The company’s comparable sales also declined by 5 per cent compared to a 4.5 per cent drop in the same quarter last year. Its e-commerce sales zoomed 8.5 per cent against a 16.3 per cent increase in the corresponding period of 2016.
Christopher & Banks’ net loss stood at US $ 1.6 million as against US $ 3.5 million last year. On the non-GAAP basis, its adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) for the reporting period reached US $ 1.4 million compared to US $ 6.7 million in the same period last year.
The Minneapolis-based speciality retailer also reported a 33.8 per cent decline in its gross margin as compared to the same quarter last year.
The company attributes the sluggish performance in the third quarter (partially) to weather.
Christopher & Banks currently runs 472 stores in 45 states consisting of 321 MPW stores, 79 Outlets stores, 37 Christopher & Banks stores, and 35 CJ Banks stores. It also operates through www.christopherandbanks.com website.
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