Christopher & Banks Corp. (CBK, Financial) filed Quarterly Report for the period ended 2012-10-27.
Christopher & Banks Corporation has a market cap of $2.1 million; its shares were traded at around $4.46 .
Same store sales increased 1.5% in the first three quarters of fiscal 2012 when compared to the thirty-nine weeks ended October 29, 2011. Same store sales declined 14.9% in the first quarter, as increased customer traffic levels were more than offset by a decrease in customer conversion. This resulted in a 2% decrease in the average number of transactions generated per store. In addition, our average dollar sale decreased by approximately 13% in the first quarter, driven by declines in both units per transaction and in our average unit retail selling price. In the second quarter of fiscal 2012, same store sales increased 5.5% as increased customer traffic and relatively flat levels of conversion resulted in an approximate 14% increase in the average number of transactions generated per store. In addition, our average dollar sale decreased by approximately 8% in the second quarter, mainly driven by a decline in our average unit retail selling price.
Selling, General and Administrative Expenses. Selling, general and administrative expenses, exclusive of depreciation and amortization, for the thirty-nine weeks ended October 27, 2012 were $94.4 million, or 30.0% of net sales, compared to $107.5 million, or 31.3% of net sales, for the thirty-nine weeks ended November 26, 2011, resulting in approximately 130 basis points of positive leverage. The $13.1 million decrease in selling, general and administrative expenses was driven mainly by an $8.3 million decrease in store selling salaries and other store operating expenses, as we operated an average of 15% fewer stores in first three quarters of fiscal 2012 compared to the first three quarters of the transition period. In addition, we experienced decreases in corporate administrative salaries as a result of cost-cutting measures implemented beginning in October of the transition period, along with decreases in marketing expenditures, medical claims, professional services and travel expenses.
Net Loss. As a result of the foregoing factors, we recorded a net loss of $12.0 million, or 3.8% of net sales and $0.34 per diluted share, for the thirty-nine weeks ended October 27, 2012, compared to a net loss of $39.3 million, or 11.4% of net sales and $1.11 per diluted share, for the thirty-nine weeks ended November 26, 2011.
Net cash provided by investing activities totaled $18.3 million for the first thirty-nine weeks of fiscal 2012, an increase of $7.7 million from net cash provided by investing activities of $10.6 million during the thirty-nine weeks ended November 26, 2011. Net cash provided by investing activities in the first thirty-nine weeks of fiscal 2012 consisted of $21.4 million of sales of investments, partially offset by $3.1 million of capital expenditures. We opened eight new stores in the first nine months of fiscal 2012. We expect to fund approximately $1.9 million of additional capital expenditures during the remainder of fiscal 2012 related to investments in our information technology infrastructure, visual product displays and fixtures to enhance the visual presentation of our merchandise, and to make other investments in our stores, corporate office and distribution center facility.
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Christopher & Banks Corporation has a market cap of $2.1 million; its shares were traded at around $4.46 .
Highlight of Business Operations:
Selling, General and Administrative Expenses. Selling, general and administrative expenses, exclusive of depreciation and amortization, for the thirteen weeks ended October 27, 2012 were $32.9 million, or 28.1% of net sales, compared to $37.6 million, or 30.3% of net sales, for the thirteen weeks ended November 26, 2011, resulting in approximately 220 basis points of positive leverage. The $4.6 million decrease in selling, general and administrative expenses was driven mainly by a $2.6 million decrease in store selling salaries and other store operating expenses, as we operated an average of 17% fewer stores in the third quarter of fiscal 2012 compared to the third quarter of the transition period. The remaining savings were related to additional reductions in store payroll, reduced marketing expenditures and savings in medical costs.Same store sales increased 1.5% in the first three quarters of fiscal 2012 when compared to the thirty-nine weeks ended October 29, 2011. Same store sales declined 14.9% in the first quarter, as increased customer traffic levels were more than offset by a decrease in customer conversion. This resulted in a 2% decrease in the average number of transactions generated per store. In addition, our average dollar sale decreased by approximately 13% in the first quarter, driven by declines in both units per transaction and in our average unit retail selling price. In the second quarter of fiscal 2012, same store sales increased 5.5% as increased customer traffic and relatively flat levels of conversion resulted in an approximate 14% increase in the average number of transactions generated per store. In addition, our average dollar sale decreased by approximately 8% in the second quarter, mainly driven by a decline in our average unit retail selling price.
Selling, General and Administrative Expenses. Selling, general and administrative expenses, exclusive of depreciation and amortization, for the thirty-nine weeks ended October 27, 2012 were $94.4 million, or 30.0% of net sales, compared to $107.5 million, or 31.3% of net sales, for the thirty-nine weeks ended November 26, 2011, resulting in approximately 130 basis points of positive leverage. The $13.1 million decrease in selling, general and administrative expenses was driven mainly by an $8.3 million decrease in store selling salaries and other store operating expenses, as we operated an average of 15% fewer stores in first three quarters of fiscal 2012 compared to the first three quarters of the transition period. In addition, we experienced decreases in corporate administrative salaries as a result of cost-cutting measures implemented beginning in October of the transition period, along with decreases in marketing expenditures, medical claims, professional services and travel expenses.
Net Loss. As a result of the foregoing factors, we recorded a net loss of $12.0 million, or 3.8% of net sales and $0.34 per diluted share, for the thirty-nine weeks ended October 27, 2012, compared to a net loss of $39.3 million, or 11.4% of net sales and $1.11 per diluted share, for the thirty-nine weeks ended November 26, 2011.
Net cash provided by investing activities totaled $18.3 million for the first thirty-nine weeks of fiscal 2012, an increase of $7.7 million from net cash provided by investing activities of $10.6 million during the thirty-nine weeks ended November 26, 2011. Net cash provided by investing activities in the first thirty-nine weeks of fiscal 2012 consisted of $21.4 million of sales of investments, partially offset by $3.1 million of capital expenditures. We opened eight new stores in the first nine months of fiscal 2012. We expect to fund approximately $1.9 million of additional capital expenditures during the remainder of fiscal 2012 related to investments in our information technology infrastructure, visual product displays and fixtures to enhance the visual presentation of our merchandise, and to make other investments in our stores, corporate office and distribution center facility.
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