Christopher & Banks profit, sales drop in Q1

Minneapolis -- Christopher & Banks Corp. reported Thursday that net income for the quarter ended May 28 was $1.9 million, compared with $6.3 million in the year-ago period. Sales dropped to $123.8 million, from $126.2 million a year earlier. Same-store sales dipped 2%. The retailer said it plans to open 31 new stores and close 35 existing stores in fiscal 2012.