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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
/x/ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 2, 2001
OR
| / / | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to .
Commission File No. 0-19972
CHRISTOPHER & BANKS CORPORATION
(Exact name of registrant as specified in its charter)
| Delaware (State or other jurisdiction of incorporation or organization) | 06-1195422 (I.R.S. Employer Identification Number) |
2400 Xenium Lane North, Plymouth, Minnesota
(Address of principal executive offices)
55441
(Zip Code)
(763) 551-5000
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES /x/ NO / /
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. YES /x/ NO / /
As of July 2, 2001, 16,279,445 shares of the registrant's common stock were outstanding.
CHRISTOPHER & BANKS CORPORATION
FORM 10-Q QUARTERLY REPORT
INDEX
PART I
FINANCIAL INFORMATION
| | | Page | ||
|---|---|---|---|---|
| Item 1. | Consolidated Condensed Financial Statements: | |||
Consolidated Condensed Balance Sheet As of June 2, 2001, March 3, 2001 and May 27, 2000 | 3 | |||
Consolidated Condensed Statement of Income For the Quarters Ended June 2, 2001 and May 27, 2000 | 4 | |||
Consolidated Condensed Statement of Cash Flows For the Quarters Ended June 2, 2001 and May 27, 2000 | 5 | |||
Notes to Consolidated Condensed Financial Statements | 6 | |||
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 7 | ||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 10 |
PART II
OTHER INFORMATION
| | | | ||
|---|---|---|---|---|
| Item 1. | Legal Proceedings | 11 | ||
Item 2. | Changes in Securities and Use of Proceeds | 11 | ||
Item 3. | Defaults Upon Senior Securities | 11 | ||
Item 4. | Submission of Matters to a Vote of Security Holders | 11 | ||
Item 5. | Other Information | 11 | ||
Item 6. | Exhibits and Reports on Form 8-K | 11 | ||
Signatures | 12 |
2
CHRISTOPHER & BANKS CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEET
| | June 2, 2001 | March 3, 2001 | May 27, 2000 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | (Unaudited) | (Audited) | (Unaudited) | |||||||||
| ASSETS | ||||||||||||
Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 17,732,984 | $ | 34,797,713 | $ | 22,098,968 | ||||||
| Accounts receivable | 3,395,547 | 1,986,956 | 1,679,925 | |||||||||
| Merchandise inventory | 19,908,216 | 15,830,801 | 12,462,762 | |||||||||
| Prepaid expenses | 5,084,547 | 4,594,758 | 1,241,965 | |||||||||
| Current deferred tax asset | 869,722 | 869,722 | 697,907 | |||||||||
| Total current assets | 46,991,016 | 58,079,950 | 38,181,527 | |||||||||
| Property, equipment and improvements, net | 47,697,864 | 33,823,326 | 20,911,091 | |||||||||
| Other assets: | ||||||||||||
| Long-term deferred tax asset | 1,758,088 | 1,758,088 | 1,629,813 | |||||||||
| Other | 40,027 | 34,134 | 24,114 | |||||||||
| Total other assets | 1,798,115 | 1,792,222 | 1,653,927 | |||||||||
| Total assets | $ | 96,486,995 | $ | 93,695,498 | $ | 60,746,545 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
Current liabilities: | ||||||||||||
| Accounts payable | $ | 2,164,986 | $ | 4,578,978 | $ | 2,121,639 | ||||||
| Accrued liabilities | 7,569,052 | 12,936,681 | 6,900,547 | |||||||||
| Current maturities of long-term debt | — | — | 97,999 | |||||||||
| Income taxes payable | 3,767,511 | 948,186 | 3,010,835 | |||||||||
| Total current liabilities | 13,501,549 | 18,463,845 | 12,131,020 | |||||||||
| Long-term liabilities: | ||||||||||||
| Long-term debt | 5,246,213 | 5,207,062 | 5,091,354 | |||||||||
| Accrued rent obligation | 1,244,175 | 1,197,139 | 1,116,433 | |||||||||
| Total long-term liabilities | 6,490,388 | 6,404,201 | 6,207,787 | |||||||||
| Stockholders' equity: | ||||||||||||
| Preferred stock—$0.01 par value, 1,000,000 shares | ||||||||||||
| authorized; none outstanding | — | — | — | |||||||||
| Common stock—$0.01 par value, 29,000,000 shares | ||||||||||||
| authorized; 16,229,695, 16,003,597 and | ||||||||||||
| 15,307,617 shares issued and outstanding at June 2, | ||||||||||||
| 2001, March 3, 2001 and May 27, 2000, respectively | 176,098 | 172,458 | 165,497 | |||||||||
| Additional paid-in capital | 37,198,832 | 36,270,931 | 30,721,851 | |||||||||
| Retained earnings | 42,170,089 | 35,614,022 | 14,984,830 | |||||||||
| 79,545,019 | 72,057,411 | 45,872,178 | ||||||||||
| Common stock held in treasury, 1,242,000 shares at cost | (2,999,961 | ) | (2,999,961 | ) | (2,999,961 | ) | ||||||
| Common stock subscriptions receivable | (50,000 | ) | (229,998 | ) | (464,479 | ) | ||||||
| Total stockholders' equity | 76,495,058 | 68,827,452 | 42,407,738 | |||||||||
| Total liabilities and stockholders' equity | $ | 96,486,995 | $ | 93,695,498 | $ | 60,746,545 | ||||||
See accompanying notes to unaudited consolidated condensed financial statements.
3
CHRISTOPHER & BANKS CORPORATION
CONSOLIDATED CONDENSED STATEMENT OF INCOME
(Unaudited)
| | Quarter Ended | |||||||
|---|---|---|---|---|---|---|---|---|
| | June 2, 2001 | May 27, 2000 | ||||||
| Net sales | $ | 57,551,974 | $ | 42,336,036 | ||||
| Cost of sales: | ||||||||
| Merchandise, buying and occupancy | 32,312,935 | 23,916,226 | ||||||
| Gross profit | 25,239,039 | 18,419,810 | ||||||
| Selling, general and administrative | 13,087,009 | 9,521,841 | ||||||
| Depreciation and amortization | 1,517,992 | 1,025,525 | ||||||
| Operating income | 10,634,038 | 7,872,444 | ||||||
| Interest income, net | (202,438 | ) | (155,068 | ) | ||||
| Income before income taxes | 10,836,476 | 8,027,512 | ||||||
| Income tax provision | 4,280,409 | 3,130,730 | ||||||
| Net income | $ | 6,556,067 | $ | 4,896,782 | ||||
| Basic earnings per common share: | ||||||||
| Net income | $ | 0.41 | $ | 0.32 | ||||
| Basic shares outstanding | 16,157,329 | 15,296,930 | ||||||
| Diluted earnings per common share: | ||||||||
| Net income | $ | 0.38 | $ | 0.29 | ||||
| Diluted shares outstanding | 17,340,464 | 16,634,154 | ||||||
See accompanying notes to unaudited consolidated condensed financial statements.
4
CHRISTOPHER AND BANKS CORPORATION
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(Unaudited)
| | Quarter Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| | June 2, 2001 | May 27, 2000 | |||||||
| Cash flows from operating activities: | |||||||||
| Net income | $ | 6,556,067 | $ | 4,896,782 | |||||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||
| Depreciation and amortization | 1,517,992 | 1,025,525 | |||||||
| Loss on disposal of equipment | 13,116 | 35,471 | |||||||
| Increase in accrued rent obligation | 47,036 | 26,534 | |||||||
| Interest on 12% Senior Notes added to principal | 39,151 | 37,995 | |||||||
| Changes in operating assets and liabilities: | |||||||||
| Increase in accounts receivable, merchandise inventory, prepaid expenses and other assets | (5,981,688 | ) | (1,484,393 | ) | |||||
| Decrease in accounts payable, accrued liabilities and income taxes payable | (5,671,041 | ) | (3,034,527 | ) | |||||
| Net cash provided by (used in) operating activities | (3,479,367 | ) | 1,503,387 | ||||||
Cash flows from investing activities: | |||||||||
| Purchase of property, equipment and improvements | (14,696,901 | ) | (2,145,009 | ) | |||||
| Net cash used in investing activities | (14,696,901 | ) | (2,145,009 | ) | |||||
Cash flows from financing activities: | |||||||||
| Principal payments on long-term debt | — | (71,411 | ) | ||||||
| Exercise of stock options | 931,541 | 246,122 | |||||||
| Common stock subscriptions receivable | 179,998 | (119,997 | ) | ||||||
| Net cash provided by financing activities | 1,111,539 | 54,714 | |||||||
| Net decrease in cash and cash equivalents | (17,064,729 | ) | (586,908 | ) | |||||
Cash and cash equivalents at beginning of year | 34,797,713 | 22,685,876 | |||||||
| Cash and cash equivalents at end of period | $ | 17,732,984 | $ | 22,098,968 | |||||
| Supplemental cash flow information: | |||||||||
| Interest paid during the quarter | $ | 122,192 | $ | 119,076 | |||||
| Income taxes paid during the quarter | $ | 1,463,200 | $ | 2,281,300 | |||||
| Purchases of equipment and improvements accrued, not paid | $ | 708,745 | $ | 46,403 | |||||
See accompanying notes to unaudited consolidated condensed financial statements.
5
CHRISTOPHER & BANKS CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1 — BASIS OF PRESENTATION
The financial statements included in this Form 10-Q have been prepared by Christopher & Banks Corporation, formerly Braun's Fashions Corporation, and subsidiary (the "Company"), without audit, pursuant to the rules and regulations of the United States Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed, or omitted, pursuant to such rules and regulations. These financial statements should be read in conjunction with the financial statements and related notes included in the Company's Annual Report on Form 10-K for the fiscal year ended March 3, 2001.
The results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the fiscal year. In the opinion of management, the information contained herein reflects all adjustments necessary to make the results of operations for the interim periods a fair statement of such operations. All such adjustments are of a normal recurring nature.
NOTE 2 — PURCHASE OF HEADQUARTERS AND DISTRIBUTION CENTER FACILITY
On April 20, 2001, the Company completed the purchase of its existing 210,000 square foot headquarters and distribution center facility in Plymouth, Minnesota for $8.8 million in cash. In connection with the purchase, the Company assumed a lease from the prior owner. Under the agreement, the Company leased the building to a third party and, in turn, leased back the entire facility.
On July 10, 2001, the Company and the third party agreed to terminate the lease and related sublease. The Company received a lease termination payment of approximately $1.3 million. The payment will be recorded as a deferred credit and amortized over the remainder of the lease term which was originally scheduled to end on June 30, 2005.
NOTE 3 — NET INCOME PER SHARE
Basic earnings per share ("EPS") is computed based on the weighted average number of shares of common stock outstanding during the applicable periods while diluted EPS is computed based on the weighted average number of common and common equivalent shares (dilutive stock options) outstanding.
The following is a reconciliation of the number of shares (denominator) and per share amounts used in the basic and diluted EPS computations:
| | Quarter Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| | June 2, 2001 | May 27, 2000 | |||||||||
| | Shares | Net Income | Shares | Net Income | |||||||
| Basic EPS | 16,157,329 | $ | 0.41 | 15,296,930 | $ | 0.32 | |||||
| Effect of dilutive stock options | 1,183,135 | (0.03 | ) | 1,337,224 | (0.03 | ) | |||||
| Diluted EPS | 17,340,464 | $ | 0.38 | 16,634,154 | $ | 0.29 | |||||
6
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
General
Christopher & Banks Corporation, formerly Braun's Fashions Corporation, is a Minneapolis-based specialty retailer of women's apparel, which operates through its wholly-owned subsidiary, Christopher & Banks, Inc. As of July 2, 2001, the Company operated 319 stores in 29 states under the names Christopher & Banks, C.J. Banks, and Braun's, primarily in the northern half of the United States. The Company's stores offer coordinated assortments of exclusively designed sportswear, sweaters, and dresses.
In the first quarter of fiscal 2002, the Company opened 43 new stores, including 27 Christopher & Banks stores and 16 C.J. Banks stores. The Company also converted eight existing Braun's stores to the Christopher & Banks name. As of June 2, 2001, the Company operated 184 Christopher & Banks, 95 Braun's and 36 C.J. Banks stores. During the remainder of fiscal 2002, the Company plans to open approximately 18 new Christopher & Banks stores and 22 additional C.J. Banks stores. Also, by December 2002, the Company plans to convert all remaining Braun's stores to the Christopher & Banks name.
On April 20, 2001, the Company completed the purchase of its existing 210,000 square foot headquarters and distribution center facility in Plymouth, Minnesota for $8.8 million in cash. In connection with the purchase, the Company assumed a lease from the prior owner. Under the agreement, the Company leased the building to a third party and, in turn, leased back the entire facility.
On July 10, 2001, the Company and the third party agreed to terminate the lease and related sublease. The Company received a lease termination payment of approximately $1.3 million. The payment will be recorded as a deferred credit and amortized over the remainder of the lease term which was originally scheduled to end on June 30, 2005.
During the first quarter of fiscal 2002, the Company began to implement new point-of-sale hardware and software technology in its stores. As of July 2, 2001, the Company had installed the new registers in approximately 300 stores. The Company intends to complete the rollout of new registers to all stores by the end of July 2001.
7
Results of Operations
The following table sets forth, for the periods indicated, certain items from the Company's statement of income expressed as a percentage of net sales.
| | Quarter Ended | ||||
|---|---|---|---|---|---|
| | June 2, 2001 | May 27, 2000 | |||
| Net sales | 100.0 | % | 100.0 | % | |
| Merchandise, buying and occupancy | 56.1 | 56.5 | |||
| Gross profit | 43.9 | 43.5 | |||
| Selling, general and administrative | 22.7 | 22.5 | |||
| Depreciation and amortization | 2.7 | 2.4 | |||
| Operating income | 18.5 | 18.6 | |||
| Interest income, net | (0.3 | ) | (0.4 | ) | |
| Income before income taxes | 18.8 | 19.0 | |||
| Income tax provision | 7.4 | 7.4 | |||
| Net income | 11.4 | % | 11.6 | % | |
QUARTER ENDED JUNE 2, 2001 COMPARED TO QUARTER ENDED MAY 27, 2000
Net Sales. Net sales for the quarter ended June 2, 2001 were $57.6 million, an increase of 36% from $42.3 million for the quarter ended May 27, 2000. The increase in sales was attributable to a 9% increase in same-store sales combined with an increase in the number of stores operated by the Company. The Company operated 315 stores at June 2, 2001 compared to 242 stores at May 27, 2000.
Gross Profit. Gross profit was $25.2 million, or 43.9% of net sales, during the first quarter of fiscal 2002 compared to $18.4 million or 43.5% of net sales during the same period in fiscal 2001. The 35 basis point increase in gross margin as a percent of net sales was due to an 85 basis point improvement in merchandise, buying and distribution costs, offset by 50 basis points of negative leveraging of occupancy expense as a result of opening 43 new stores.
Selling, General and Administrative Expenses. Selling, general and administrative expenses for the first quarter of fiscal 2002 were $13.1 million or 22.7% of net sales compared to $9.5 million or 22.5% of net sales in the first quarter of fiscal 2001. The increase as a percent of net sales was primarily the result of higher start-up costs associated with new store openings. The Company opened 43 stores in the first quarter of fiscal 2002 compared to 19 new stores in the first quarter of fiscal 2001.
Operating Income. As a result of the foregoing, operating income for the quarter ended June 2, 2001 was $10.6 million, or 18.5% of net sales, compared to operating income of $7.9 million, or 18.6% of net sales, for the quarter ended May 27, 2000.
Interest Income, Net. For the quarter ended June 2, 2001, net interest income increased to $202,438 from $155,068 for the quarter ended May 27, 2000. The difference was primarily due to increased interest income resulting from a higher cash balance maintained during most of the first quarter of fiscal 2002.
Income Taxes. Income tax expense in the first quarter of fiscal 2002 was $4.3 million, with an effective tax rate of 39.5%, compared to $3.1 million, with an effective tax rate of 39.0%, in the first quarter of fiscal 2001. The increase in effective tax rate was due to a decrease in favorable permanent differences combined with a slightly higher overall state income tax rate.
8
Net Income. As a result of the foregoing factors, net income for the quarter ended June 2, 2001 was $6.6 million, or 11.4% of net sales, compared to $4.9 million, or 11.6% of net sales, for the quarter ended May 27, 2000.
Liquidity and Capital Resources
The Company's principal on-going cash requirements are to finance the construction of new stores and the remodeling of certain existing stores, to purchase merchandise inventories and to fund other working capital requirements. Merchandise purchases vary on a seasonal basis, peaking in the fall. As a result, the Company's cash requirements historically reach their peak in October and November. Conversely, cash balances reach their peak in January, after the holiday season is completed.
Net cash used in operating activities totaled $3.5 million in the first three months of fiscal 2002. The decrease in cash flows from operating activities was mainly a result of increases in inventory, prepaid expenses and accounts receivable and a decrease in current liabilities, partially offset by an increase in net income. Cash was also used to finance $14.7 million of capital expenditures. In the first quarter of fiscal 2002, the Company purchased its existing headquarters and distribution center facility in Plymouth, Minnesota, opened 43 new stores, substantially completed three major store remodelings and began installing new point-of-sale hardware and software in the Company's new and existing stores. During the remainder of the fiscal year, the Company intends to spend approximately $17 million on additional capital expenditures. The Company plans to open approximately 18 additional Christopher & Banks stores and 22 new C.J. Banks stores, to complete 12 additional major store remodels and to finish the rollout of new point-of-sale hardware and software to all new and existing stores. Management also anticipates that a portion of the $17 million in planned capital expenditures will relate to stores expected to open in March 2002. The Company expects its cash on hand combined with cash flow from operations to be sufficient to meet its capital expenditure, working capital, and other requirements for liquidity during the remainder of the year.
In March 1999, the Company entered into an Amended and Restated Revolving Credit and Security agreement with Wells Fargo Bank, National Association, formerly Norwest Bank Minnesota, National Association (the "Wells Fargo Revolver") which expires on June 30, 2002. The Wells Fargo Revolver was amended to provide the Company with revolving credit loans and letters of credit up to $18 million, subject to a borrowing base formula tied to inventory levels.
Loans under the Wells Fargo Revolver bear interest at Wells Fargo's base rate, 6.75% as of July 2, 2001, plus 0.25%. Interest is payable monthly in arrears. The Wells Fargo Revolver carries a facility fee of 0.25% on the unused portion of the Wells Fargo Revolver as defined in the agreement. This facility is collateralized by the Company's equipment, general intangibles, inventory and investment property. The Company had no revolving credit loan borrowings under the Wells Fargo Revolver in the first quarter of fiscal 2002. The borrowing base at July 2, 2001, was $13.9 million. As of July 2, 2001, the Company had outstanding letters of credit in the amount of $8.0 million under the Wells Fargo Revolver. Accordingly, the availability of revolving credit loans under the Wells Fargo Revolver was $5.9 million at that date.
The Wells Fargo Revolver contains certain restrictive covenants including restrictions on incurring additional indebtedness, limitations on certain types of investments and prohibitions on paying dividends, as well as requiring the maintenance of certain financial ratios. As of June 2, 2001, the most recent measurement date, the Company was in compliance with all covenants of the Wells Fargo Revolver.
In January 1997, the Company issued $10,300,200 of debt in the form of 12% Senior Notes (the "Senior Notes") due January 2005. In fiscal 1999 and fiscal 1998, the Company repurchased $4,676,000 and $1,033,000, respectively, of principal face amount of its Senior Notes at a discount from par. These purchases satisfied all of the annual mandatory redemption requirements through January 1, 2004,
9
leaving no additional mandatory payments due until maturity on January 1, 2005. The Senior Notes were issued pursuant to an Indenture for the Senior Notes (the "Indenture") dated as of December 2, 1996. The principal amount of the Senior Notes bears interest at the rate of 12% per annum. Interest at the rate of 9% per annum on the outstanding principal amount is due monthly. Interest at the rate of 3% per annum on the outstanding principal amount accrues monthly and upon accrual is treated as principal for all purposes, including without limitations, the calculation of all interest payments due thereafter, and is payable in full on January 1, 2005.
The Senior Notes are general uncollateralized senior obligations of the Company. The Indenture contains certain covenants which, amount other things, limit the ability of the Company to incur liens and additional indebtedness. As of June 2, 2001, the most recent measurement date, the Company was in compliance with all covenants of the Indenture.
Quarterly Results and Seasonality
The Company's sales reflect seasonal variation as sales in the third and fourth quarters, which include the fall and holiday seasons, generally have been higher than sales in the first and second quarters. Sales generated during the fall and holiday seasons have a significant impact on the Company's annual results of operations. Quarterly results may fluctuate significantly depending on a number of factors including adverse weather conditions, shifts in the timing of certain holidays and promotional events, timing of new store openings, and customer response to the Company's seasonal merchandise mix.
Inflation
Although the operations of the Company are influenced by general economic conditions, the Company does not believe that inflation has had a material effect on the results of operations during the quarters ended June 2, 2001 and May 27, 2000.
Forward Looking Information and Risk
Information contained in this Form 10-Q contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by the use of forward- looking terminology such as "may", "will", "expect", "intend", "plan", "anticipate", "estimate", or "continue" or the negative thereof or other variations thereon or comparable terminology. There are certain important factors that could cause results to differ materially from those anticipated by some of these forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. These factors, among others, that could cause actual results to differ materially include: consumers' spending and debt levels; the Company's ability to execute its business plan including the successful expansion of its Christopher & Banks and C.J. Banks concepts; the Company's ability to open new stores on favorable terms and the timing of such store openings; the acceptance of the Company's merchandising strategies by its target customers; the ability of the Company to anticipate marketing trends and consumer needs; the loss of one or more of the Company's key executives; continuity of a relationship with or purchases from major vendors, particularly those from whom the Company imports merchandise; competitive pressures on sales and pricing; increases in other costs which cannot be recovered through improved pricing of merchandise; and the adverse effect of weather conditions from time to time on consumers' ability or desire to purchase new clothing.
ITEM 3.
QUANTITATIVE AND QUALITATIVE
DISCLOSURE ABOUT MARKET RISK
Not applicable.
10
There are no material legal proceedings pending against the Company.
ITEM 2.
CHANGES IN SECURITIES
AND USE OF PROCEEDS
There have been no material modifications to the Company's registered securities.
ITEM 3.
DEFAULTS UPON
SENIOR SECURITIES
There has been no default with respect to any indebtedness of the Company.
ITEM 4.
SUBMISSION OF MATTERS TO A
VOTE OF SECURITY HOLDERS
There were no matters submitted to a vote of security holders during the first quarter of fiscal 2002.
None.
ITEM 6.
EXHIBITS AND REPORTS ON FORM 8-K
| (a) | Exhibits None | |
(b) | Reports on Form 8-K None |
11
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: July 6, 2001
| CHRISTOPHER & BANKS CORPORATION | ||||
By | /s/ ANDREW K. MOLLER Andrew K. Moller Senior Vice President and Chief Financial Officer | |||
Signing on behalf of the Registrant and as principal financial officer. | ||||
12
CHRISTOPHER & BANKS CORPORATION FORM 10-Q QUARTERLY REPORT INDEX
CHRISTOPHER & BANKS CORPORATION CONSOLIDATED CONDENSED BALANCE SHEET
CHRISTOPHER & BANKS CORPORATION CONSOLIDATED CONDENSED STATEMENT OF INCOME (Unaudited)
CHRISTOPHER AND BANKS CORPORATION CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS (Unaudited)
CHRISTOPHER & BANKS CORPORATION NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Unaudited)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
PART II.
ITEM 1. LEGAL PROCEEDINGS
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
ITEM 5. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
SIGNATURES