American women’s clothing retail company, Christopher & Banks Corporation has witnessed net sales worth US $ 91.3 million in the third quarter of the year against US $ 98.5 million in the corresponding quarter of last year, down by 7.3 percent.
The company operated 461 stores till the end of the quarter as against 473 stores last year. Its comparable plunged 7.5 percent during the quarter. However, e-commerce sales of the company increased by 10.7 percent after registering a 8.5 percent surge in the same period last year.
“While we are disappointed in our Q3 performance, I remain confident in our path forward. Our Q3 results were adversely impacted by the combination of shipment delays and lower planned levels of inventory which resulted in an average of 17 percent less inventory on hand than in last year’s Q3,” said Keri Jones, President and CEO, Christopher & Banks.
Christopher & Banks now expects net sales to soar 2-3 percent as the result of expanded omni-channel capabilities, enhancements to the overall product assortment, and more impactful marketing promotions to drive customer file growth in fiscal 2019.