UPDATE: Christopher & Banks (CBK) Reports Q2 Loss Per Share of 20c
(Update corrects to most recent consensus estimate and compares to year-over-year results)
Christopher & Banks (NYSE: CBK) reported Q2 EPS of ($0.20) vs consensus of ($0.22) (one estimate) and ($0.10) last year. Revenue for the quarter came in at $86.6 million versus $89.9 million last year.
Comparable sales decreased 0.6% following a 5.8% decrease in the same period last year. eCommerce sales increased 22.1% following a 10.8% increase in the same period last year.
Joel Waller, Interim President and Chief Executive Officer, commented, “Throughout our second quarter we saw encouraging signs that the initiatives we have been putting in place are gaining traction. We drove meaningful sequential improvement in our comparable sales with more product newness and a better balance between fashion and core in our assortment, which garnered favorable customer response. eCommerce sales grew in the double digit range driven by increased traffic and conversion. We have also taken swift action to improve our assortment in outlet stores, which led to positive sales comps and significant sequential improvement in margin in this channel for the quarter. Finally, we moved through the majority of inventory that does not reflect our go-forward strategy during the quarter and are pleased with the current content. While this action impacted our gross margin for the quarter, we believe this was the right decision for the health of the business and positions us for improved sales and gross margin in the back half of the year. Overall, we are pleased with the progress we are making and remain focused on executing our strategic initiatives to drive long term profitability and value for our shareholders.”
For earnings history and earnings-related data on Christopher & Banks (CBK) click here.