Christopher & Banks Corporation, a specialty women’s apparel retailer, reported 51.8 per cent sales decline to $40.1 million in first quarter (Q1) FY20, ended on May 2, 2020 compared to sales of $83.2 million in same period prior year. Company reported a net loss of $17.2 million (Q1 FY19: $6.1 million). Gross profit were $3.7 million ($25.6 million).
Selling, general & administrative expenses during the quarter decreased to $18.5 million ($29.2 million). Operating loss during Q1 FY20 were $16.9 million ($5.9 million).
“Prior to the Covid-19 pandemic, we were both pleased and highly encouraged with the momentum in our business. We had a strong start to fiscal 2020 with nearly 5 per cent comparable sales growth in February,” Keri Jones, president and chief executive officer, said in a press release.
As of today, we have reopened approximately 90 per cent of our store base open and are pleased to see sales volume building in line with our expectations. Quarter-to-date digital sales are up 50 per cent and we are encouraged to see some of our store-only customers purchasing online for the first time.”
In response to the uncertainty from the Covid-19, the Christopher & Banks Corporation will not provide guidance for fiscal 2020 at this time.