Christopher & Banks posts Q3 profit; new CEO takes reins
Minneapolis — Christopher & Banks said its net income totaled $3.6 million for the quarter ended Oct.27, compared with a loss $13.7 million in the year-age period.
Revenue rose 2%, to $117.3 million from $114.6 million. The chain has closed more than 100 stores during the last year, but strong sales at its existing locations boosted revenue. Same-store sales rose 13.7%.
Christopher & Banks noted that effective Nov.26, LuAnn Via joined the company as president and CEO.
Via stated: “I am both thrilled to join Christopher & Banks and excited about the opportunity to build upon the foundation that Joel and the team have established. The third quarter results are a testament to the effectiveness of the strategy that has been put in place and is confirmation that the company is on the right path. I look forward to further building on this progress.”
Pier I Q3 sales up 10.9%; holiday shopping starts strong
Fort Worth, Texas — Pier I said its total sales increased 10.9% to $425 for the third quarter, ended Nov.15, with comparable-store sales rising 7.9% from the year-ago period.
“Excluding the impact of Hurricane Sandy, we estimate that third-quarter comp-store sales would have increased slightly over 9%,” said Alex Smith, Pier 1’s president and chief executive. “We have had a terrific start to the holiday season, including a very strong Thanksgiving weekend, and believe the business is ideally positioned with a compelling merchandise assortment and multiple ways to shop the Pier 1 Imports brand, including both in-store and online.”
Christopher & Banks as 637 stores in 44 states, including 386 Christopher & Banks stores and 171 CJ Banks stores, which sell plus size women’s clothing. It also has 55 “dual” Christopher & Banks/CJ Banks locations and 25 outlet stores.
Genesco Q3 profit jumps 56%; raises 2013 outlook
Nashville, Tenn. — Genesco Inc. said Friday its third-quarter profit increased to $41 million, from $26.2 million in the year-ago period, better than Wall Street expected. The company also raised its fiscal 2013 outlook, even as it warned that November was off to a slow start.
“The fourth quarter got off to a slow start with November comparable store sales down 4%, compared with a 12% increase in November last year,” said Robert J. Dennis, chairman, president and CEO. “We estimate that Hurricane Sandy reduced November comparable store sales by approximately 1% to 2%.”
Sales in the quarter rose 7.8% to $664.5 million from $616.5 million. Same-store sales rose 4% for the company, with an 8% increase in the Journeys Group, a 5% decrease in the Lids Sports Group, a 9% increase in the Schuh Group, and a 6% increase in Johnston & Murphy Group.