Christopher & Banks loss widens in Q1
Minneapolis -- Christopher & Banks Corp. reported Tuesday a loss of $13.4 million, compared with a loss of $8.2 million in the year-ago period.
Net sales dropped to $93.6 million, from $110.4 million in the comparable period last year. Same-store sales decreased 15%.
“Our financial results reflect continued customer resistance to the residual merchandise assortment that consisted of styles that were too updated and priced too high while lacking in key categories,” said Joel Waller, president and CEO.
As part of the company’s real estate restructuring efforts, 103 stores were identified for closure and 101 of these stores were closed as of April 28, 2012. The company closed 16 additional stores in the first quarter.