• As of February 27, 2010, the Company operated 806 stores compared to 815 stores as of February 28, 2009.
Balance Sheet Highlights
The Company ended fiscal 2010 with total cash, cash-equivalents and investments of $113 million. Inventory, excluding e-Commerce inventory, decreased approximately 3% on a per-store basis at the end of the fourth quarter of fiscal 2010, as compared to the end of the fourth quarter of fiscal 2009. The Company has a strong balance sheet and management believes that its cash and cash-equivalents are sufficient to meet the Company's cash and liquidity needs for the current fiscal year.
Capital Expenditures
Fiscal 2010 capital expenditures were approximately $6 million.
Fiscal 2011 Outlook
• The Company expects a mid to high single-digit increase in comparable store sales in the first quarter of fiscal 2011.
• For the first quarter of fiscal 2011, total gross margin is expected to improve by a couple of hundred basis points.
• SG&A, as a percent of sales, is expected to be flat to slightly lower in the first quarter of fiscal 2011 as compared to the same quarter in the prior year.
• Capital expenditures are expected to be $12 to $14 million for the full fiscal year.
• The Company currently plans to open approximately 10 new stores and close 25 existing stores in fiscal 2011.
Christopher & Banks Corporation
marketing@alchempro.com
