Minneapolis – Women’s specialty retailer Christopher & Banks Corp. swung to a profit of $3.4 million in the second quarter of fiscal 2014, compared to a net loss of $285,000 in the prior year period. Higher pretax income and income operating, as well as a tax benefit, helped push Christopher & Banks into the black.
Net sales rose 2% to $106.6 million from $104.2 million, and same store sales grew 2.6%. Looking ahead, in the third quarter Christopher & Banks has plans for a number of store openings and rebrandings. This includes opening four new outlet stores and seven new stores under its MPW banner, as well as converting one CB and one CJ store to the MPW banner, closing three CB stores and replacing them with three new MPW stores, and converting 31 CB and two CJ stores to MPW stores by adding CJ or CB product to each.
Christopher & Banks expects higher net sales in the third quarter, and to operate an average of 550 stores, down from 596 stores a year earlier. The company also intends to upgrade its e-commerce business.