Christopher & Banks loss widens in Q3
San Francisco — Christopher & Banks Corp. reported Thursday a loss of $28.2 million for the quarter ended Nov. 26, widened from a loss of $9.2 million in the year-ago period and reflecting a one-time charge.
Sales rose to $123.9 million, from $120.9 million a year ago, matching Wall Street expectations. Same-store sales for the quarter were flat.
“We were clearly disappointed in the results for the quarter,” said Larry Barenbaum, CEO. “Looking ahead, we remain focused on completing our previously announced store closing plan, disciplined inventory management and expense controls, and improved product execution.”
As recently announced, the company has named retail veteran Joel Waller as its new president.
Target looks ahead to after Christmas
MINNEAPOLIS — While many retailers are scrambling to attract last minute Christmas shoppers, some, including Target, are already looking ahead to Dec. 26.
Target announced that beginning next Monday, customers can save up to 50% off on such items as women’s and kids’ apparel, as well as home and holiday decor, in stores and online at Target.com. Doors will open at Target stores nationwide at 7 a.m. on Monday.
What’s more, Target gift card holders also can find deep discounts on items. For example, guests who want to redeem their gift cards on Target.com on Christmas Day will receive $10 off purchases of $50 or more via a promotional code. The deals can be found in the Sunday weekly advertisement and on Target.com beginning Christmas Day.
“Target gift cards are a popular Christmas gift, and with a sale of this magnitude, there’s no better time to use them than on Dec. 26,” Target EVP merchandising Kathee Tesija said.
Personal spending rose less than forecast in November
Washington, D.C. — A report released Friday by the Commerce Department showed that U.S. consumer spending edged up 0.1% in November, less than forecast and reflecting an economy that continues to struggle.
Incomes also grew 0.1% in November, the weakest in three months, after a 0.4% rise in October. The median estimate for spending in a Bloomberg News survey of economists called for a 0.3% advance.
“In the absence of a significant pickup in income, we won’t see a big boost in spending,” Yelena Shulyatyeva, an economist at BNP Paribas in New York, told Bloomberg. “The momentum will slow in the fourth quarter, but the economy is still growing.”
Projections among the 79 economists in the Bloomberg survey for spending ranged from increases of 0.2% to 0.6%.
Wages and salaries decreased 0.1% after a 0.6% gain.