Christopher & Banks Corporation Reports a 12% Increase in March Same-Store Sales; Company Announces Increase in Credit Facility.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--April 4, 2002 Christopher & Banks Corporation (Nasdaq: CHBS) today reported a 12% increase in March same-store sales Same-store sales is a business term which refers to the revenue generated by one of a retail chain's specific outlets during a certain period of time (often a fiscal quarter or a particular shopping season), compared to an identical period in the past, usually in the previous year. for its four-week period ended March 30, 2002. Total sales for the four-week period ended March 30, 2002, increased 41% to $23.3 million from $16.6 million for the four weeks ended March 31, 2001. As of March 30, 2002, the Company operated 361 stores compared to 287 stores as of March 31, 2001. During March, the Company opened 15 new stores and closed 5 stores which were on month-to-month month-to-month adj. referring to a tenancy in which the tenant pays monthly rent and has no lease, and the tenancy can be terminated by the landlord at any time on thirty-days notice. (See: tenancy, landlord and tenant) lease terms. Bill Prange, Chairman and Chief Executive Officer commented, "We experienced robust sales during the final week of the month propelling pro·pel tr.v. pro·pelled, pro·pel·ling, pro·pels To cause to move forward or onward. See Synonyms at push. [Middle English propellen, from Latin us to a 12% increase in same-store sales. It is important to note that our March performance benefited from a shift in pre-Easter business. We estimate that approximately half of the overall monthly same-store sales increase can be attributed to this calendar shift. For comparative purposes, March and April should be viewed as one sales period. Accordingly, we expect April same-store sales will be essentially flat with last year." Mr. Prange concluded, "We are delighted by the strong customer acceptance of our Spring merchandise assortments. While the retail environment remains challenging, we are encouraged by our March performance as well as recent economic reports which indicate a growing improvement in consumer confidence." The Company also announced that it has increased its revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility with Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank Minnesota Minnesota, state, United States Minnesota (mĭn'ĭsō`tə), upper midwestern state of the United States. It is bordered by Lake Superior and Wisconsin (E), Iowa (S), South Dakota and North Dakota (W), and the Canadian provinces , N.A. to $25 million from $18 million, subject to inventory levels. In addition, the Company negotiated a two year extension to the credit facility with a new maturity of June 30, 2004. The revolving credit facility is available for seasonal working capital needs and other general corporate purposes. The Company has no borrowings under the credit facility, and has historically only used the line of credit to facilitate the opening of letters of credit for import purposes. The Company plans to report fourth quarter and year-end results on April 10, 2002 after the market closes. Christopher & Banks Corporation is a Minneapolis-based specialty retailer of women's clothing providing exclusive fashions under the Christopher & Banks and C.J. Banks labels. Currently, the Company operates 361 stores in 30 states, located primarily in the northern half of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding future performance of the Company. The achievement of such results is subject to certain risks and uncertainties, including changes in economic, market and weather conditions, the effect of consumer tastes and spending habits, the realization of expected economies gained through the use of private label and direct import merchandise, management of growth and other factors outside the Company's control, including factors discussed from time to time in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or that may arise after the date hereof. For more information on Christopher & Banks Corporation, visit our website at www.christopherandbanks.com |
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