Same-store sales at specialty women's retailer Christopher & Banks were flat in the first quarter, and the company is warning of even tougher times ahead as shoppers steer clear of malls.
The 850-store chain, based in Plymouth, said Thursday that net income fell about 3 percent to $11.3 million, or 32 cents per share, in the quarter ended May 31.
Aided by about 50 new stores in the 850-store chain, which also includes plus-size C.J. Banks and upscale boutique Acorn, Christopher & Banks posted a 6.8 percent increase in total sales, to $159.6 million.
Tight inventory controls helped avoid widespread markdowns, and a popular April sales promotion helped avoid a same-store sales decline for the quarter, but CEO Lorna Nagler said in a statement that she doesn't expect the "difficult retail environment" to improve in coming months.
She forecast a drop in the "high single digits" next quarter. Comparison among stores open at least a year is a key indicator of a retailer's financial health.
Earnings per share in the second quarter are estimated to range from zero to 3 cents, compared to 9 cents last year.
Shares fell 7.5 percent in trading Thursday to $8.82.
JACKIE CROSBY
