Christopher & Banks’ Income Drops 3%
Plymouth, Minn. Christopher & Banks said net income fell about 3% to $11.3 million in the first quarter ended May 31. Same-store sales were flat.
The 850-store chain posted a 6.8% increase in total sales to $159.6 million, which it attributed largely to 50 new stores.
Tight inventory controls helped avoid widespread markdowns, and a popular April sales promotion helped avoid a same-store sales decline for the quarter.
CEO Lorna Nagler said in a statement that she doesn't expect the "difficult retail environment" to improve in coming months.