Comparable reviews 1969 world series store sales david wright tells from continuing operationsfor the first quarter of fiscal 2010 decreased 24%, compared to flat same storesales in the prior year`s first quarter. Merchandise, buying and occupancyexpense was $75.5 million or 62.7% of sales this fiscal quarter, compared to$86.7 million or 55.8% of sales in last year`s first quarter. SG&A for the firstquarter of fiscal 2010 totaled $36.1 million or 30.0% of net sales, as comparedto $43.6 million or 28.0% of net sales in the first quarter of fiscal 2009.Considerable progress was made on the Company`s SG&A expense reduction goal,with approximately $7.5 million in SG&A savings in the first quarter. Net incomefrom continuing operations for the first quarter of fiscal 2010 was $1.7 millionor $0.05 per diluted share.
This compares to net income from continuingoperations of $11.7 million or $0.33 per diluted share in the first quarter offiscal 2009 baseball managers . Lorna Nagler, President and Chief Executive Officer, commented, "We were able todeliver positive cash flow and earnings for the quarter, both of which exceededexpectations and were a meaningful improvement over our fourth quarter results.The economic environment continued to pressure sales, resulting in a compdecline of 24% and, while in line with our previous guidance, we are notsatisfied with the top line sales result." Ms david wright jerseys . Nagler continued, "During the first quarter, we also made considerableprogress toward achieving our SG&A reduction goal and in improving our inventorylevels johan santana jerseys . We also saw sequential improvement in our merchandise margin trendduring the first quarter due to well-controlled inventory, and we continue tomake significant progress on our key fiscal 2010 initiatives to position theCompany for long-term, sustained growth keith hernandez . Finally, our balance sheet remainsstrong, which provides us the flexibility to respond to any challenges oropportunities that may surface." During the quarter, the Company also achieved the following:* Average per store inventory, which excludes e-Commerce, was reduced byapproximately 22%, as compared to the prior fiscal year`s first quarter, andinventory levels at quarter-end were current. * The Company ended the quarter with cash, cash equivalents and investments of$105 million, up from $95 million at the end of fiscal 2009.OutlookThe Company continues to plan conservatively for fiscal 2010, given the economicenvironment, and is only providing guidance on certain key financial metrics.* The Company expects the second quarter to remain challenging.
It isanticipating the comparable store sales trend for the second quarter to besimilar to the first quarter baseball season tickets . * For the second quarter, total gross margin erosion is expected to beapproximately 500 basis points, driven by deleveraging of fixed costs,principally occupancy nationals baseball tickets . The merchandise margin rate is expected to beapproximately the same as the first quarter of fiscal 2010, given that June andJuly are heavy clearance months and promotional activity is expected to remainhigh in the second quarter nationals tickets . * SG&A expenses will continue to decrease as compared to last year, reflectingthe success of the Company`s cost reduction program david wright . The Company expects thatthe year-over-year SG&A dollar reduction in the second quarter to be about halfthat achieved in the first quarter - on track with the SG&A reduction goal of atleast $15 million for the full fiscal year * Inventory will continue to be managed conservatively.
Per store inventory,which excludes e-Commerce, is expected to be down mid to high teens on apercentage basis at the end of the second quarter, as compared to last year`ssecond quarter baseball tickets . * Capital expenditures are expected to be $8 to $9 million for the full fiscalyear david wright jerseys . * The Company currently expects to be cash flow positive for fiscal 2010.Conference Call InformationThe Company will discuss its first quarter results in a conference callscheduled for today, June 25, 2009, at 8:30 a.m Eastern time johan santana jerseys . The conferencecall will be simultaneously broadcast live over the Internet at http:// An online archive of the broadcast will beavailable within one hour of the completion of the call and will be accessibleat http:// until July 2, 2009 . In addition, an audioreplay of the call will be available shortly after its conclusion and will bearchived until July 2, 2009. This call may be accessed by dialing (888) 203-1112and using password 9587476. About Christopher & BanksChristopher & Banks Corporation is a Minneapolis-based specialty retailer ofwomen`s clothing.
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