Christopher & Banks (CBK) Reports Q3 Loss of $0.15, Revenues Miss

Christopher & Banks (NYSE: CBK) reported Q3 EPS of ($0.15), versus $0.00 reported last year. Revenue for the quarter came in at $91.3 million versus the consensus estimate of $100.37 million.

Keri Jones, President and Chief Executive Officer, commented, “While we are disappointed in our third quarter performance, I remain confident in our path forward. Our third quarter results were adversely impacted by the combination of shipment delays and lower planned levels of inventory which resulted in an average of 17% less inventory on hand than in last year’s third quarter. In addition, moving through excess spring/summer merchandise inventory was more challenging than the prior year and created meaningful pressure on our gross margin. Notably, as newer merchandise arrived in stores, we have been encouraged by the response as these deliveries have been resonating with our customers. Quarter-to-date we are seeing positive comparable sales coupled with gross margin expansion. Importantly, the abundance of work we have done over the last eight months, focused on strengthening our merchandising strategy, developing a more impactful marketing approach and enhancing our omni-channel capabilities, are beginning to bear fruit. At the same time, we continue to make progress in advancing process improvement initiatives and reducing costs. Looking ahead, we expect this momentum to continue as our entire team is energized and focused on the strategic initiatives that we believe will drive improved sales, operating results and cash flow in the future.”

Ms. Jones continued, “We believe that we have increased visibility in the business as our strategic initiatives begin to take hold. As a result, we are providing our preliminary outlook for fiscal 2019.”

For earnings history and earnings-related data on Christopher & Banks (CBK) click here.

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