[July 04, 2011] Christopher & Banks reports lower Q1 net income, provides guidance for Q2 Tweet Jul 04, 2011 (Datamonitor via COMTEX) -- Christopher & Banks Corporation, an apparel retailer, has reported a net income of $1.89 million, or $0.05 per share, for the first quarter ended May 28, 2011, compared to $6.34 million, or $0.18 per share, for the first quarter ended May 29, 2010. Net sales for the first quarter of fiscal 2012 were $123.83 million, compared to $126.23 million for the first quarter of fiscal 2011. The company expects same-store sales for the second quarter of fiscal 2012 to be flat to a low single digit increase. Total gross margin for the second quarter of fiscal 2012 is expected to decline by approximately 350 to 450 basis points. The company currently plans to open approximately 31 new stores and close approximately 35 existing stores in fiscal 2012. Larry Barenbaum, president and CEO of the company, said: "During the first quarter, we continued to make progress on our key initiatives to improve the business. A modest selection of new product reflecting our updated styling was delivered in May and demonstrated stronger sell-through than we have seen during the past several seasons, and we are encouraged that we are on the right track with our merchandise initiatives. "We remain extremely focused on evolving our merchandising strategy to update our assortment to better align with our customers' tastes, which will be fully reflected in our fall deliveries. In addition, we have initiatives under way to strengthen our marketing efforts and enhance our in-store experience. While near term we expect the competitive environment to remain promotional, we remain confident that we are moving the company in a direction that will lead to improved sales and profitability over the long term." http://www.datamonitor.com Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Datamonitor shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon [ Back To TMCnet.com's Homepage ]