Outlook
The Company updated its earnings guidance for fiscal 2011 and now projects earnings per diluted share to be in the range of $3.13 to $3.25, compared to its previous guidance of $3.10 to $3.25.
The Company provided initial guidance for earnings per diluted share from continuing operations for the third quarter of 2011 to be in the range of $1.23 to $1.28.
The Company now expects negative low-single digit comparable retail sales for the third quarter and fiscal 2011, assuming the highly promotional environment continues into the back-half of the year.
The earnings guidance for the third quarter and fiscal 2011 assumes that currency exchange rates will remain where they are today, and does not include the impact of further potential share repurchases.
Amendment to Credit Facility
The Company also announced that it has amended its bank credit facility to, among other things, extend the term for three years until August 2016, reduce the interest and fees applicable to borrowings and uses of letters of credit, and eliminate the maximum capital expenditures covenant. Currently, there are no amounts borrowed under the credit facility.
The Children's Place Retail Stores Inc
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