Christopher & Banks reports holiday SSS up approximately 3%
Christopher & Banks announced holiday sales through the first ten weeks of the fourth quarter and provided a comparable sales outlook for the fourth quarter of fiscal 2018 ending February 2, 2019. Through the first ten weeks of the fourth quarter comparable sales increased approximately 3.0% at expanded merchandise margin rates as compared to the first ten weeks of last year's fourth quarter. Comparable sales are expected to be positive low single digits for the fourth quarter following a 5.7% sales comp increase in last year's fourth quarter. On-hand inventory is expected to be down mid-single digits as compared to the end of last year's fourth quarter. Keri Jones, President and CEO, commented, "We are pleased to have delivered positive comparable sales for the holiday period with strong conversion rates thus far in the quarter. We also saw our eCommerce business continue to accelerate, which we attribute in-part to our ship-from-store initiative. We believe that our improved performance quarter-to-date was the result of new product resonating with customers, an enhanced in-store experience that made it easier to shop, compelling promotions, and our omni-channel initiatives. These results reflect the traction that we are starting to see from our strategic initiatives. Looking ahead, we remain focused on advancing our five strategic initiatives including enhancing and simplifying her shopping experience; delivering compelling promotions; growing our omni-channel business; building loyalty and growing our customer file; and continuing to reduce our cost structure. As such we are reaffirming our fiscal 2019 outlook."