Christopher & Banks Corporation, a specialty women’s apparel retailer, reported 51.8 per cent sales decline to $40.1 million in first quarter (Q1) FY20, ended on May 2, 2020 compared to sales of $83.2 million in same period prior year. Company reported a net loss of $17.2 million (Q1 FY19: $6.1 million). Gross profit were $3.7 million ($25.6 million).
Christopher & Banks Corporation, a specialty women's apparel retailer, reported 51.8 per cent sales decline to $40.1 million in first quarter (Q1) FY20, ended on May 2, 2020 compared to sales of $83.2 million in same period prior year. Company reported a net loss of $17.2 million (Q1 FY19: $6.1 million). Gross profit were $3.7 million ($25.6 million).#
Selling, general & administrative expenses during the quarter decreased to $18.5 million ($29.2 million). Operating loss during Q1 FY20 were $16.9 million ($5.9 million).
Christopher & Banks Corporation, a specialty women's apparel retailer, reported 51.8 per cent sales decline to $40.1 million in first quarter (Q1) FY20, ended on May 2, 2020 compared to sales of $83.2 million in same period prior year. Company reported a net loss of $17.2 million (Q1 FY19: $6.1 million). Gross profit were $3.7 million ($25.6 million).#
“Prior to the Covid-19 pandemic, we were both pleased and highly encouraged with the momentum in our business. We had a strong start to fiscal 2020 with nearly 5 per cent comparable sales growth in February,” Keri Jones, president and chief executive officer, said in a press release.
Christopher & Banks Corporation, a specialty women's apparel retailer, reported 51.8 per cent sales decline to $40.1 million in first quarter (Q1) FY20, ended on May 2, 2020 compared to sales of $83.2 million in same period prior year. Company reported a net loss of $17.2 million (Q1 FY19: $6.1 million). Gross profit were $3.7 million ($25.6 million).#
As of today, we have reopened approximately 90 per cent of our store base open and are pleased to see sales volume building in line with our expectations. Quarter-to-date digital sales are up 50 per cent and we are encouraged to see some of our store-only customers purchasing online for the first time.”
Christopher & Banks Corporation, a specialty women's apparel retailer, reported 51.8 per cent sales decline to $40.1 million in first quarter (Q1) FY20, ended on May 2, 2020 compared to sales of $83.2 million in same period prior year. Company reported a net loss of $17.2 million (Q1 FY19: $6.1 million). Gross profit were $3.7 million ($25.6 million).#
In response to the uncertainty from the Covid-19, the Christopher & Banks Corporation will not provide guidance for fiscal 2020 at this time.
Fibre2Fashion News Desk (JL)
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