Christopher & Banks Corporation Reports a 7% Increase in July Same-Store Sales.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--Aug. 9, 2001 Christopher & Banks Corporation (Nasdaq: CHBS), formerly Braun's Fashions Corporation, today reported a 7% increase in July 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 five-week period ended August 4, 2001. Total sales for the five-week period ended August 4, 2001 increased 36% to $21.7 million from $16.0 million last year. For the five months ended August 4, 2001, same-store sales rose 8%. Total sales for the five months year-to-date increased 36% to $96.6 million from $71.3 million last year. As of August 4, 2001, the Company operated 319 stores compared with 242 stores as of July 29, 2000. Bill Prange, Chairman and Chief Executive Officer of Christopher & Banks, commented, "We are very pleased with our 7% increase in July same-store sales which follows a 25% increase in last year's July same-store sales. While the retail environment continued to be highly promotional, we were successful in clearing Summer merchandise. Our inventory mix is fresh and current and we feel well-positioned for the beginning of the Fall selling season." Mr. Prange concluded, "We ended the month of July on a strong note posting a double-digit increase in same-store sales during the final week. Although we expect the difficult promotional retail environment to continue, we are hopeful that the Federal Income Tax rebates tax rebate n → devolución f de impuestos; reembolso fiscal tax rebate n → ristourne f d'impôt tax rebate will have a positive impact on consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. and remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our August sales prospects." 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. Presently, the Company operates 319 stores in 29 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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