Wednesday, December 5, 2018

Christopher & Banks closing up to 40 stores

Boston Business Journal
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. . . . more