Home / Knowledge / News / Apparel/Garments / Children's Place reduces Q2FY15 net loss by more than 50%
Children's Place reduces Q2FY15 net loss by more than 50%
23
Aug '14
Pure-play children's specialty apparel retailer and NASDAQ-listed, The Children's Place managed to reduce its net loss by more than 50 percent year-on-year for the thirteen weeks to August 2, 2014 period.

Net loss slipped to $10.7 million or negative $0.49 earnings per share in the second fiscal quarter of 2014, compared to a net loss of $23.6 million or negative $1.05 per share from the same fiscal quarter of 2013.

Net sales at Children's Place slipped marginally to $384.6 million in the second quarter of 2014, vis-à-vis, $382.4 million in the second quarter of 2013. However, comparable retail sales rose 0.8 percent in the second quarter 2014.

Children's Place said the second quarter of 2014 quarter included a negative impact of approximately $2.8 million from currency exchange rate fluctuations.

Gross profit in the 13 weeks to August 2013 period stood at $119.1 million, down from $126.2 million in the second quarter of 2013, while gross profit margins as a percentage of sales declined 200 basis points to 31 percent of sales, from fixed costs and merchandise margin deleverage.

Children's Place was able to reduce its selling, general and administrative expenses in the second quarter of 2014 to $117.1 million compared to $124.4 million in the second quarter of 2013.

Operating loss too fell to $16.5 million in the quarter under review, against operating loss of $35.6 million in the second quarter of 2013. Children's Place said that in the second quarter of 2014, it incurred asset impairment charges of $4.0 million.

Children's Place opened 10 stores and closed 3 during the second quarter of 2014 and ended the quarter with 1,113 stores spread over 5.215 million sq. feet, down 1.4 percent compared to the prior year quarter. In the same quarter, it also opened 6 overseas stores.

During the second quarter of 2014, Children's Place repurchased 301,301 shares for approximately $14.5 million. At the end of the second quarter, $73.7 million of the $100 million share repurchase program authorized in March 2014 remained available for future share repurchases.

Children's Place now expects full-year 2014 adjusted net income per diluted share to be in the range of $2.95 to $3.05, which compares to previous guidance of adjusted net income per diluted share in the range of $2.90 to $3.05.

This guidance assumes comparable retail sales for the year will be flat to negative 1 percent. The retailer estimates a $0.09 negative impact from foreign exchange in fiscal 2014.

CEO Jane Elfers said, “We remain committed to the continued execution of our key initiatives, ecommerce growth, expansion of our wholesale and global business, investments in seamless retail and state of the art systems, and fleet rationalization to deliver long-term sustainable growth."

Fibre2fashion News Desk - India


Must ReadView All

Egypt’s textile exports increase 3% in 10 months: TEC

Textiles | On 21st Nov 2017

Egypt’s textile exports increase 3% in 10 months: TEC

Exports by Egypt’s Textile Export Council (TEC) between January and...

UKFT turns sector skills body for UK fashion, textile sector

Textiles | On 21st Nov 2017

UKFT turns sector skills body for UK fashion, textile sector

The UK Fashion & Textile Association (UKFT) recently announced at a...

Pakistan’s textile exports up 7.72% in July-Oct ’17

Textiles | On 21st Nov 2017

Pakistan’s textile exports up 7.72% in July-Oct ’17

The value of textile and garment exports from Pakistan increased by...

Interviews View All

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

November 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.5%
No
12.4%
Skip
19.1%

Total Votes: 89

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.8%
No
30.3%
Skip
7.9%

Total Votes: 89

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
86.5%
No
10.1%
Skip
3.4%

Total Votes: 89

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
80.9%
No
9.0%
Skip
10.1%

Total Votes: 89


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search