Christopher & Banks shows improvement in Q1; will shuffle store mix

Specialty apparel retailer Christopher & Banks Corp. is not out of the red, but headed in the right direction during the first quarter of fiscal 2016.



The company reported net loss of $0.2 million, down from a net loss of $1.4 million the same quarter the previous fiscal year. Improved gross margin helped shrink the loss. Net sales totaled $100 million, an increase of 9%, compared to $91.6 million.



During fiscal 2016, Christopher & Banks intends to open six new outlet stores and three MPW stores. In addition, in the second quarter the retailer plans to o open two outlet stores and one MPW store; close one Christopher & Banks (“C&B”) store and four MPW stores, and to convert two stores into one MPW store.



"We started fiscal 2016 on a strong note, with better-than-expected financial results across key measures, reflecting the progress we have made on our key initiatives,” said LuAnn Via, president and CEO. “Our e-commerce business also posted strong gains, primarily the result of effective digital marketing efforts. We intend to continue to build upon our momentum while strategically managing our inventory and controlling expenses in order to drive long-term profitable, sustainable growth."



In the second quarter, the retailer expects total net sales of between $92 million and $96 million, as compared to net sales of $94 million in the prior year’s second quarter.