Christopher & Banks’ web sales increase 45%, but total sales slip
March 11, 2016 02:30 PM
Online sales grew but could not offset declining revenue for women’s apparel chain Christopher & Banks Corp.
Christopher & Banks, No. 370 in the Internet Retailer 2015 Top 500 Guide, does not break out online sales in its earnings filing. On the retailer’s Q4 2015 earnings call, CEO LuAnn Via told analysts “e-commerce sales grew 45% over last year’s fourth quarter and accounted for 16% of overall revenue,” according to a transcript of the call obtained from Seeking Alpha.
Christopher & Banks reported total revenue of $94.6 million for the fiscal fourth quarter, which would mean online sales were $15.1 million during the period, based on Internet Retailer calculations, up from $10.4 million last year. Via said online sales grew 23% year over year in fiscal 2015 which, based on Internet Retailer estimates of $49.0 million in 2014 web sales, the company’s e-commerce sales were about $60 million in 2015.
As customers’ shopping habits change, the retailer is revamping its omnichannel capabilities, including spending half a million dollars to replatform its website. Shoppers can expect stronger connectivity between Christopher & Banks’ online and offline shopping channels.
“Our commitment to ourselves, to our shareholders is that we are going to fully test this platform and test it for a while to make sure that everything is working accordingly, according to our expectations before we are launching it,” said chief operating officer Pete Michielutti.
“This technology will allow us to improve personalization to our customers both in-store and online and will include enhanced fulfillment options, such as visibility to store inventory as well as buy online, pickup in store,” Via said.
For the fiscal fourth quarter ended Jan. 30, Christopher & Banks reported:
- Total sales of $94.6 million, down 3.5% from $98.0 million in the year-ago quarter.
- A net loss of $46.6 million, compared with a profit of $32.2 million. Christopher & Banks attributes a portion of the year-over-year swing in net income to it having incorporated deferred tax assets into its prior-year figures.
- Comparable-store sales declined, including e-commerce, 3.4%.
For fiscal 2015, the retailer reported:
- Total sales of $383.8 million, down 8.3% from $418.6 million in fiscal 2014.
- A net loss of $49.1 million, compared with a profit of $47.1 million.
- Comparable-store sales declined 8.3%.