CHRISTOPHER BANKS CORP (CBK) SEC Filing 10-Q Quarterly report for the period ending Saturday, November 3, 2018
2400 Xenium Lane North, Plymouth, MN 55441 ▪ (763) 551-5000 ▪ www.christopherandbanks.com
Net sales totaled $91.3 million, a decrease of 7.3%, while operating on average 461 stores. This compares to $98.5 million in net sales for the third quarter of fiscal 2017, while operating on average 473 stores.
Comparable sales decreased 7.5% following a 5.0% decrease in the same period last year. eCommerce sales increased 10.7% following an 8.5% increase in the same period last year.
Gross margin rate was 29.8%, as compared to 33.8% in last year’s third quarter. The decrease was due to lower merchandise margins on spring/summer merchandise, deleverage of fixed costs and
The following information was filed by CHRISTOPHER BANKS CORP on Tuesday, December 4, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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- 18487875_82Other - OtherIn addition, we wish to advise readers that the factors listed in Item 1A of our Annual Report on Form 10-K for the fiscal year ended February 3, 2018, as well as other factors, could affect our performance and could cause our actual results for future periods to differ materially from any opinions or statements expressed in the quarterly report on Form 10-Q.
- 18487875_35Financial - EarningsGross Profit Gross margin rate declined 400 basis points compared to the prior year due to lower sales, changes in product mix and the shift in sales to the eCommerce channel.
- 18487875_78Other - OtherThese forward-looking statements, which may be included in reports filed under the Exchange Act, in press releases and in other documents and materials as well as in written or oral statements made by or on behalf of the Company, are subject to certain risks and uncertainties, including those discussed in Item 1A - Risk Factors of our Annual Report on Form 10-K for the fiscal year ended February 3, 2018, which could cause actual results to differ materially from historical results or those anticipated.
- 18487875_4Financial - EarningsDeliver compelling promotions that support our financial goals We intend to better leverage our data and tools to execute a marketing and promotional strategy that will drive traffic and conversion while expanding gross margins.
- 18487875_41Financial - EarningsGross Profit Gross margin rate decreased 230 basis points primarily driven by lower sales, changes in product mix and the shift in sales to the eCommerce channel.
- 18487875_36Financial - ExpenseSelling, General, and Administrative ("SG&A;") Expenses Depreciation and Amortization Impairment of Store Assets Operating Loss Interest expense, net Income Tax Provision Net earnings Net sales decreased 3.3% compared to the same period last year primarily due to a decline in the number of sales transactions, including a decrease in average store count, partly offset by an increase in average unit retail; Comparable sales decreased 0.9% as compared to a 5.1% decrease in the same period last year; eCommerce sales increased 10.7% following a 15.1% increase in the same period last year; Gross margin rate decreased 230 basis points compared to the same period last year largely driven by lower sales, changes in product mix and the shift in sales to the eCommerce channel; Net loss aggregated to $21.6 million, or a $0.58 loss per share, compared to a net loss of $13.2 million, or a loss of $0.36 per share for the same period last year.
- 18487875_56Other - OtherThe increase in cash used in operating activities in the first thirty-nine weeks of fiscal 2018 compared to the first thirty-nine weeks of fiscal 2017 was primarily due to the increase in the net loss for the current period partially offset by a delay in the receipt of certain inventories resulting in a favorable impact on accounts payable.
- 18487875_48Other - OtherAverage square footage for the year is expected to be down approximately 2.4% as compared to fiscal 2017 and down 2.0% in the fourth quarter as compared to the same period last year.
- 18487875_14Revenue - ProductWe believe these enhancements will further improve her online experience and drive higher sales on our site.
- 18487875_63Other - OtherWe believe that our sources of liquidity will be sufficient to sustain operations and to finance anticipated capital investments and strategic initiatives over the next twelve months.
- 18487875_58Revenue - ProductThe $15.0 million favorable impact is primarily attributable to the proceeds of $13.7 million from the sale of the corporate facility as part of a sale-leaseback transaction.
- 18487875_22Revenue - ProductManagement evaluates our financial results based on the following key measures of performance: Comparable sales Comparable sales is a measure that highlights the sales performance of our store channel and eCommerce channel by measuring the changes in sales over the comparable, prior-year period of equivalent length.
- 18487875_20MA - OtherWe believe that leveraging digital marketing is one of the best ways to acquire new customers and we have shifted a greater mix of our marketing spend to digital.
- 18487875_71Other - OtherThere were no outstanding borrowings under the Credit Facility as of November 3, 2018 and October 28, 2017.
- 18487875_0Revenue - ProductOur overall business strategy is to build sustainable, long-term revenue growth and consistent profitability through the following strategic initiatives: Enhance the shopping experience; Deliver compelling promotions that support our financial goals; Leverage our omni-channel capabilities; Attract new customers and grow our customer file; and Optimize our cost structure.
- 18487875_25Revenue - ProductWe believe our eCommerce operations are interdependent with our brick-and-mortar store sales and, as such, we believe that reporting combined store and eCommerce comparable sales is a more appropriate presentation.
- 18487875_74Other - OtherAccordingly, after reducing the Borrowing Base for the open letters of credit and the required minimum availability of the greater of $3.0 million, or 10.0% of the Borrowing Base, the net availability of revolving credit loans under the Credit Facility was approximately $33.4 million at November 3, 2018.
- 18487875_65Financial - Cash FlowThere can be no assurance that we will generate cash flows at or above current levels or that we will be able to maintain our ability to borrow under our existing facilities or obtain additional financing, if necessary, on favorable terms.
- 18487875_6Other - OtherWith the assistance of data analytics, we believe there is an opportunity to better leverage our data to drive fewer, more meaningful promotions.
- 18487875_29Revenue - ProductAs a result, our comparable sales calculation is not necessarily comparable to similarly titled measures reported by other companies.
- 18487875_44Financial - ExpenseDepreciation and Amortization Impairment of Store Assets Operating Loss Interest expense, net Income Tax Provision Net earnings We have been implementing a number of strategic priorities, including actions to enhance her shopping experience with a well-curated merchandise offering; deliver compelling promotions that support our financial goals; leverage our omni-channel capabilities, and attract new customers and grow our customer file.
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- Form Type: Quarterly
- Number of times amended: 0
- Accession Number: 0000883943-18-000177
- Submitted to the SEC: Thursday, December 6, 2018 4:07:53 PM EST
- Accepted by the SEC: Thursday, December 6, 2018
- Period ending: November 2018
- Industry: Retail Womens Clothing Stores
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CHRISTOPHER BANKS CORP
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