Another One: Christopher & Banks closing up to 40 stores


from Govt Slaves:

Women’s clothier Christopher & Banks plans to close 30 to 40 stores over the next two years but has seen a rise in e-commerce and expects net sales to increase in 2019, the company said in a quarterly call with analysts.

The Plymouth, Minnesota-based company’s net sales for the quarter ended Nov. 3 fell 7.3 percent to $91.3 million, Fashion Network reported, while comparable sales decreased 7.5 percent, for a quarterly net loss of $8.8 million.

But online sales posted a revenue increase of 10.7 percent over the same period, and the company said that it expects net sales for fiscal 2019 to increase 2 percent to 3 percent, Nasdaq reported.

The retailer also announced Carmen Wamre, a nearly 20-year veteran at Express, would join the company as senior vice president and chief stores officer, per Chain Store Age.

The plan to close multiple stores follows an analysis of the company’s real estate portfolio, Christopher & Banks (NYSE:CBK) CFO Richard Bundy said during the call, with closings to begin in late 2019 as leases expire.

Keri Jones, president and CEO, said the company is focusing on strengthening their merchandising strategy, developing a “more impactful” marketing approach and enhancing omni-channel capabilities while implementing process improvement initiatives and reducing costs.

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