Christopher & Banks Corp. said it swung to a fourth-quarter loss.
The women’s specialty retailer said the net loss for the three months ended Jan. 30 was $46.6 million, or $1.26 a diluted share, against net income of $32.2 million, or 87 cents, a year ago. The loss included a $37.5 million valuation allowance for deferred tax assets, while the year ago’s income included a $41.3 million reversal of a valuation allowance. Net sales slipped 3.5 percent to $94.6 million from $98 million, while comps declined 3.4 percent. The company said it operated an average of 1.6 percent fewer stores compared to a year ago.
LuAnn Via, president and chief executive officer, said, “Our merchandise assortments resonated well with customers driving improved performance in brick-and-mortar stores, and our e-commerce business remained strong, with sales up 45 percent in the quarter.”
She also noted that the company has strengthened its foundation and systems infrastructure, and that in “2016, we will remain diligent in the execution of our strategic initiatives to drive increased productivity across our retail store base and to expand our customer first omni-channel capabilities.”
For the year, the net loss was $49.1 million on net sales of $383.8 million.