Research Desk Line-up: Destination XL Post Earnings Coverage
LONDON, UK / ACCESSWIRE / September 20, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Christopher & Banks Corp. (NYSE: CBK), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=CBK, following the Company's posting of its financial results on August 29, 2017, for the second quarter of the fiscal year 2017 (Q2 FY17). The Minneapolis-based Company's net sales fell 3.7% y-o-y, while its adjusted loss per share widened during the reported quarter. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Apparel Stores industry. Pro-TD has currently selected Destination XL Group, Inc. (NASDAQ: DXLG) for due-diligence and potential coverage as the Company reported on August 24, 2017, its operating results for Q2 FY17. Register for a free membership today, and be among the early birds that get access to our report on Destination XL when we publish it.
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Christopher & Banks reported net sales of $86.62 million in Q2 FY17 compared to $89.92 million recorded in Q2 FY16. The net sales figures missed market forecasts of $87.18 million. Moreover, comparable sales were down by 0.6% y-o-y in Q2 FY17 versus a 5.8% decline in comparable sales in the year-ago same period.
The specialty retailer's net loss increased to $7.89 million, or $0.21 loss per diluted share, in Q2 FY17 from net loss of $3.88 million, or $0.11 loss per diluted share, in Q2 FY16. The Company's adjusted loss stood at $0.20 per diluted share for the reported quarter versus adjusted loss of $0.10 per diluted share for Q2 FY16. Meanwhile, Wall Street had expected the Company to report adjusted loss per share of $0.22 per diluted share.
During Q2 FY17, merchandise, buying, and occupancy costs came in at $61.99 million compared to $59.77 million in the year-ago corresponding quarter. The Company's gross profit stood at $24.63 million, or 28.4% of net sales, for Q2 FY17 compared to $30.15 million, or 33.5% of net sales, in Q2 FY16. The decline in gross margin is primarily attributable to promotions and markdowns to move through non-go-forward product and addressing slow sellers quicker.
Christopher & Banks' selling, general, and administrative expenses was $29.18 million, or 33.7% of net sales, during Q2 FY17 versus $30.63 million, or 34.1% of net sales, in the past year's comparable quarter. The Company's total other operating expenses were $32.44 million in Q2 FY17 compared to $33.91 million in Q2 FY16. For Q2 FY17, the Company's operating loss was $7.81 million versus an operating loss of $3.76 million in Q2 FY16. Furthermore, the Company posted negative earnings before interest, tax, depreciation, and amortization (EBITDA) of $4.26 million in Q2 FY17 compared to a negative EBITDA of $0.21 million in Q2 FY16.
As of August 29, 2017, the Company functioned with 473 stores in 45 states, consisting of 320 Missy-Petite-Women (MPW) stores, 79 Outlet stores, 38 Christopher & Banks (CB) stores, and 36 stores in its women's plus size clothing division, CJ Banks.
Cash Matters and Balance Sheet
During the six months ended July 29, 2017, net cash used in operating activities was $9.28 million versus net cash used in operating activities of $0.52 million in the comparable year-ago period. Christopher & Banks had total cash balances of $22.57 million at the close of its books on July 29, 2017, compared to $28.09 million as on July 30, 2016. Capital expenditure was $1.0 million for Q2 FY17 versus $3.1 million in last year's second quarter. Furthermore, the Company had merchandise inventories of $41.92 million as on July 29, 2017, compared to $50.05 million as on July 30, 2016.
In its outlook for the full year FY17, Christopher & Banks' Board of Directors projects capital expenditure to range between $6.5 million and $7.5 million. The Company has plans to close 2 MPW stores, 1 Outlet store, and 1 CB store during the second half of FY17. Additionally, the Company also expects to convert 1 CB store and 1 CJ store into 1 MPW store in H2 FY17.
At the closing bell, on Tuesday, September 19, 2017, Christopher & Banks' stock slipped 1.32%, ending the trading session at $1.49. A total volume of 150.89 thousand shares have exchanged hands. The Company's stock price surged 16.41% in the last three months, 12.88% in the past six months, and 12.03% in the previous twelve months. The stock currently has a market cap of $57.20 million.
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SOURCE: Pro-Trader Daily