With a total of 741 storefronts already and plans to open 85 more this year, the company's goal appears just years away. "We think we have solid growth potential in all of our concepts," Andrew Moller, executive vice president and chief financial officer, said in a presentation to the CIBC World Markets Sixth Annual Consumer Growth Conference here.
The firm is aiming to build its strongest brand, Christopher & Banks, geared to more mature baby boomers, from its current 514 stores to more than 600 and double the size of the 199 stores it now operates for larger sizes under the C.J. Banks flag. But the company predicts the real growth potential lies in its upstart line of Acorn stores, geared to more fashion-forward, upscale boomers with incomes rising well above the $75,000 mark. With just 28 stores in 12 states currently, company officials said they see the brand quickly growing to 300 outlets with the potential for significant income.
"Acorn presents a great opportunity for us," said Monica Dahl, executive vice president and chief operating officer, noting that the company has plans to bring the concept to Colorado, New Jersey and Wisconsin.
The firm's three existing brands have already shown strong performance this year with first quarter sales totaling $142.5 million, a 14% jump in sales from the prior year's quarter, with same-store sales increasing 7%, the largest same-store sales increase in the past four years. June same-store sales were even higher at 8%, said Moller, with double-digit increases in some states.
But the company is looking for even better performance. Dahl said with tighter inventory controls, an expanding line of fashion apparel and the fine-tuning of its employee infrastructure, Christopher & Banks could see an even stronger bottom line.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.