Christopher & Banks Corporation (NYSE:CBK) Q2 2020 Earnings Conference Call - Final Transcript

Sep 11, 2020 • 08:30 am ET


Christopher & Banks Corporation (NYSE:CBK) Q2 2020 Earnings Conference Call - Final Transcript


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Greetings, and welcome to the Christopher & Banks Corporation Fiscal Second Quarter 2020 Results Call. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Ms. Jean Fontana with ICR. Thank you. You may begin.

Jean Fontana

Thank you, Melissa. Good morning and thank you for joining us for the Christopher & Banks Second Quarter Fiscal 2020 earnings conference call. Presenting on today's call will be Keri Jones, President and Chief Executive Officer; and Richard Bundy, Chief Financial Officer. This morning's conference call is in conjunction with the earnings release that the Company issued this morning.

During our call today, we will reference certain non-GAAP financial measures, including adjusted items, reconciliation of GAAP to non-GAAP measures as well as the descriptions, limitations and rationale for each measure, which can be found in the press release including in supplemental financial tables. Today's earnings earnings release and conference call include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements address the Company's expectations regarding its future performance, including but not limited to the financial condition, results of operations, business initiatives, growth plans and prospects and are subject to risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Please refer to today's earnings release or the Company's SEC filings for more information on these risks and uncertainties. The Company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this call.

And with that I will turn it over to Keri Jones.

Keri L. Jones

Thank you Jean. Good morning and thank you for joining the Christopher & Banks second quarter earnings call. Our top priorities continue to be the health and safety of our associates and customers as well as the sustainability of our business. I am extremely grateful to our associates across the organization for their continued hard work, resiliency and loyalty to our brand. Their efforts significantly contributed to our ability to navigate an unprecedented situation brought about by COVID-19. Prior to the pandemic, we were on our path to recovery through the execution of our strategic initiatives, which included elevating her shopping experience, enhancing our marketing strategy with new and existing customers, expanding our omnichannel capabilities and reducing our expense structure.

We were exceptionally pleased with the progress we had made across all areas of our business. We remain confident that these are the right strategies for the business and that we will ultimately regain the momentum we were building prior to the COVID outbreak. In the meantime while we continue to evolve these strategies, we are acutely focused on driving sales, managing inventory, minimizing expenses and preserving our cash.

For the second quarter, we saw sequential improvement in total revenue, which declined approximately 30% versus the 50% decline in Q1. With stores open for 36% fewer days in the previous year, we remained focused on driving sales