Christopher & Banks Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Fiscal Year Ended January 28, 2017; Reports Impairment of Long-Lived Assets for the Fourth Quarter Ended January 28, 2017; Provides Financial Guidance for the Fiscal Year 2017
For the Fifty-Two Weeks Ended January 28, 2017, net sales totaled $381.6 million, a decrease of 0.6%, while operating on average 506 stores, as compared to $383.8 million in net sales last year, while operating on average 526 stores. Comparable sales decreased 0.8% following an 8.3% decrease last year. Adjusted LBITDA was $3.4 million, compared to Adjusted EBITDA of $2.0 million for the same period last year. Net loss for fiscal 2016 totaled $17.8 million, or $0.48 per share. Net loss for fiscal 2015 totaled $49.1 million, or $1.33 per share, which included $37.5 million, or a $1.02 loss per share, to record a valuation allowance for the Company's deferred tax assets. Operating loss was $18.7 million compared to $11.3 million a year ago. Loss before income taxes was $17.98 million compared to $49.09 million a year ago. Loss before income taxes was $17.7 million compared to $7.4 million a year ago. Net cash used in operating activities was $9.9 million compared to $5.4 million a year ago. Purchases of property, equipment and improvements was $10.3 million compared to $26.08 million a year ago.
For the 2017 fiscal year, the Company currently expects capital expenditures to be approximately $6.5 million to $7.5 million. The 53rd week in fiscal 2017 is expected to add approximately $4.2 million in sales and to reduce operating income by approximately $1.6 million.
The company reported Impairment of long-lived assets were $310,000 compared to $99,000 a year ago.