CHRISTOPHER & BANKS CORP

CIK:0000883943|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Income Statement [Abstract]
Net sales	$ 72,797,000	$ 94,061,000	$ 171,403,000	$ 260,724,000
Merchandise, buying and occupancy costs	54,862,000	62,135,000	143,364,000	178,710,000
Gross profit	17,935,000	31,926,000	28,039,000	82,014,000
Other operating expenses:
Selling, general and administrative	26,308,000	29,271,000	64,192,000	86,213,000
Depreciation and amortization	1,993,000	1,997,000	5,769,000	6,578,000
Impairment of store assets	181,000	0	445,000	311,000
Total other operating expenses	28,482,000	31,268,000	70,406,000	93,102,000
Operating (loss) income	(10,547,000)	658,000	(42,367,000)	(11,088,000)
Interest expense, net	(270,000)	(138,000)	(823,000)	(405,000)
(Loss) income before income taxes	(10,817,000)	520,000	(43,190,000)	(11,493,000)
Income tax (benefit) provision	(9,000)	33,000	(50,000)	113,000
Net (loss) income and comprehensive (loss) income	$ (10,808,000)	$ 487,000	$ (43,140,000)	$ (11,606,000)
Basic (loss) income per share:
Net (loss) income (in dollars per share)	$ (0.29)	$ 0.01	$ (1.14)	$ (0.31)
Basic shares outstanding (in shares)	37,855	37,495	37,728	37,755
Diluted (loss) income per share:
Net (loss) income (in dollars per share)	$ (0.29)	$ 0.01	$ (1.14)	$ (0.31)
Diluted shares outstanding (in shares)	37,855	37,552	37,728	37,755

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Cash flows from operating activities:
Net loss	$ (43,140,000)	$ (11,606,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	5,769,000	6,578,000
Impairment of store assets	445,000	311,000
Amortization of financing costs	140,000	46,000
Lease expense	15,176,000	19,320,000
Stock-based compensation expense	463,000	570,000
Changes in operating assets and liabilities:
Accounts receivable	(234,000)	(1,875,000)
Merchandise inventories	(5,564,000)	(5,355,000)
Prepaid expenses and other assets	233,000	(712,000)
Income taxes receivable	(71,000)	(66,000)
Accounts payable	11,500,000	5,787,000
Accrued liabilities	(2,458,000)	(2,717,000)
Lease liabilities	(13,190,000)	(20,954,000)
Other liabilities	1,307,000	(230,000)
Net cash used in operating activities	(29,624,000)	(10,903,000)
Cash flows from investing activities:
Purchases of property, equipment and improvements	(933,000)	(1,632,000)
Net cash used in investing activities	(933,000)	(1,632,000)
Cash flows from financing activities:
Shares redeemed for payroll taxes	(9,000)	(6,000)
Proceeds from bank credit facility	18,155,000	15,400,000
Payments of bank credit facility	(8,048,000)	(10,850,000)
Payments for debt issuance costs	(408,000)	0
Proceeds from long-term borrowings	15,000,000	0
Proceeds from secured vendor financing program	3,871,000	0
Acquisition of common stock held in treasury, at cost	0	(98,000)
Net cash provided by financing activities	28,561,000	4,446,000
Net decrease in cash and cash equivalents	(1,996,000)	(8,089,000)
Cash and cash equivalents at beginning of period	3,198,000	10,239,000
Cash and cash equivalents at end of period	1,202,000	2,150,000
Supplemental cash flow information:
Interest paid	883,000	405,000
Income taxes paid	64,000	263,000
Accrued purchases of property, equipment and improvements	$ 136,000	$ 93,000

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Oct. 31, 2020	Feb. 01, 2020
Current assets:
Cash and cash equivalents	$ 1,202	$ 3,198
Accounts receivable	3,209	2,975
Merchandise inventories	47,262	41,698
Prepaid expenses and other current assets	4,123	4,072
Income taxes receivable	362	291
Total current assets	56,158	52,234
Non-current assets:
Property, equipment and improvements, net	20,010	24,952
Operating lease assets	94,974	110,509
Deferred income taxes	613	613
Other assets	1,081	1,098
Total non-current assets	116,678	137,172
Total assets	172,836	189,406
Current liabilities:
Accounts payable	35,151	23,715
Short-term borrowings	13,978	0
Current portion of long-term debt	667	0
Current portion of long-term lease liabilities	23,824	26,185
Accrued salaries, wages and related expenses	3,494	4,723
Accrued liabilities and other current liabilities	22,883	24,053
Total current liabilities	99,997	78,676
Non-current liabilities:
Long-term lease liabilities	88,964	99,793
Long-term debt	14,333	0
Other non-current liabilities	3,120	1,829
Total non-current liabilities	106,417	101,622
Commitments and contingencies	0	0
Stockholders’ equity:
Preferred stock — $0.01 par value, 1,000 shares authorized, none outstanding	0	0
Common stock —$0.01 par value, 74,000 shares authorized, 48,889 and 48,680 shares issued, and 35,587 and 38,377 shares outstanding at October 31, 2020 and February 1, 2020, respectively	454	452
Additional paid-in capital	129,865	129,413
Accumulated deficit	(51,022)	(7,882)
Common stock held in treasury, 10,303 shares at cost at October 31, 2020 and February 1, 2020	(112,875)	(112,875)
Total stockholders’ equity	(33,578)	9,108
Total liabilities and stockholders’ equity	$ 172,836	$ 189,406