Christopher & Banks Q4 disappoints; to roll out merchandising changes

Changes are coming to Christopher & Banks Corp.



On the heels of a 7.8% decrease in its fourth quarter sales, the women’s apparel retailer is launching a new merchandising strategy that include a bigger focus on fashion over core items.



Christopher & Banks also will review styles on a weekly basis to identify emerging trends and mark down slower-moving products, said interim president and CEO Joel Waller on the company’s quarterly call with analysts.



The retailer’s net sales fell 10.1% to $85.0 million amid 499 stores, compared to $94.6 million in the year-ago period while operating some 534 stores.



The chain reported a loss of $17.2 million in the quarter, compared to a loss of $37.5 million in the year-ago period.



For the year, Christopher & Banks reported that its loss narrowed to $17.8 million, or 48 cents per share. Revenue was reported as $381.6 million.



“Given that we are making a number of changes in the business over the next several months and that enhancements to the merchandise assortment are not expected to be fully reflected until the third quarter, for the near term we will not be providing sales and EPS guidance,” Waller said in a prepared statement. “Overall, we believe that these strategic initiatives will strengthen our competitive positioning within the retail landscape and will drive improved and more consistent financial performance for our stakeholders over the long term, beginning in the second half of fiscal 2017.”