CBKC - Christopher & Banks: Store Closures Could Be The Last Straw
Christopher & Banks (OTCQX:CBKC) reported annual results earlier this month that improved on prior year results but nonetheless continued to reflect erosion in the company’s financial condition. The progress towards profitability has been slow while cash and credit dwindles placing the turnaround – even before considering the potential impacts of the coronavirus – at significant risk.
Projections versus Performance
Interestingly, while Christopher & Banks underperformed our expectations on revenues it slightly outperformed our expectations on gross margin and SG&A expenses even though our projection of SG&A expenses as a percentage of revenues was