Minneapolis-based apparel store Christopher & Banks Corporation reported total sales for the five-week period ended January 28, 2006 increased 5 percent to $37.5 million from $34.9 million last year, with growth from new stores partially offset by a January same-store sales decline of 3 percent.
For the eleven months ended January 28, 2006 total sales increased 12 percent to $461.6 million from $410.5 million in the prior period, while same-store sales rose 1 percent.
As of January 28, 2006 the Company operated 707 stores compared to 642 stores as of January 29, 2005.
Joe Pennington, Chief Executive Officer, commented, that they are very pleased with the significant improvement they gained in their January merchandise margins.
While, as they expected, same-store sales were down 3 percent for the month, last year's 19 percent increase in same-store sales was partially driven by a high level of markdowns.
At the end of January, total in-store inventory per square foot was down more than 20 percent from last year.
They anticipate that they will finish February with a similar reduction in inventory from last year levels.
However, starting in March, they anticipate that monthly inventory receipts will begin to show an increase over the prior year period."
The Company anticipates that February merchandise margins will show improvement over margins achieved last year and that fourth quarter earnings per diluted share will range from $0.15 to $0.16 compared to $0.11 last year.
Christopher & Banks Corporation is a Minneapolis-based specialty retailer of women's clothing.
The Company operates 707 stores in 45 states under the names: Christopher & Banks, C J Banks and Acorn.
The Company currently has 504 Christopher & Banks stores, 179 CJ Banks stores and 24 Acorn stores.
Christopher & Banks Corporation
marketing@alchempro.com
