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Christopher & Banks reports net loss in Q2


Minneapolis Christopher & Banks Corp., a specialty women’s apparel chain, reported its net loss from continuing operations was $2.1 million compared $2.0 million last year.

Net sales were $101.2 million as compared with $128.5 million in the same quarter last year.

Same-store sales decreased 22%.

“During the second quarter, we saw sequential improvement in our merchandise margin trend from the first quarter due to fewer markdowns,” said president and CEO Lorna Nagler. “We also made considerable progress toward achieving our SG&A reduction goal and in improving our inventory levels. The same-store sales decline of 22% was in line with our expectations given the planned lower level of clearance inventory and fewer receipts in June and July, coupled with a continuation of weak traffic trends.”

The company operated 811 stores as of Aug. 29, as compared with 854 stores on Aug. 30, 2008, 36 of which were Acorn stores.

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