Home / Knowledge / News / Apparel/Garments / Kids apparel retailer Children's Place sales grow by 10%
Kids apparel retailer Children's Place sales grow by 10%
21
Nov '08
The Children's Place Retail Stores, Inc. today reported financial results for the third quarter and fiscal year-to-date ended November 1, 2008. Results from continuing operations for the third quarters and fiscal year-to-date periods ended November 1, 2008 and November 3, 2007 are based on The Children's Place business only.

The Disney Store North America ("DSNA") business has been classified as a discontinued operation in accordance with generally accepted accounting principles ("GAAP") reflecting the Company's exit of the business.

Third Quarter:
Net sales from continuing operations for the third quarter increased 5% to $450.6 million, compared to $430.6 million in the third quarter of 2007.

Comparable store sales increased 2% in the third quarter of 2008 on top of a 1% increase for the same period last year.
Income from continuing operations after tax was $28.4 million, or $0.96 earnings per share, in the third quarter of 2008, compared to $14.9 million, or $0.51 per share, in the third quarter of 2007.

The Company's third quarter income from continuing operations included several items which the Company deems to be unusual or one-time in nature, including:

In the third quarter of 2008, income of $5.9 million pre-tax, primarily from transition services being provided to the acquirer of the DSNA business; and

In the third quarter of 2007, severance expense of $4.0 million pre-tax, professional and legal fees of $2.3 million pre-tax associated with the Company's 2006 stock option investigation and related restatements, stock option tolling expense of $0.3 million pre-tax and fees for the review of strategic alternatives of $0.1 million pre-tax.

Excluding the unusual or one-time items mentioned above from the third quarters of both years, adjusted income from continuing operations after tax was $24.9 million, or $0.84 earnings per share, in the third quarter of 2008, compared to $19.4 million, or $0.66 per share, in the third quarter of 2007.

The third quarter income from continuing operations excluding these items is a non-GAAP measure. The Company believes the excluded items are not indicative of the performance of its core business and that by providing this supplemental disclosure to investors it will facilitate comparisons of its past and present performance.

A reconciliation of income from continuing operations as reported is included in this press release in Table 3.
Net income, including the impact of discontinued operations, was $24.1 million in the third quarter of 2008, or $0.81 earnings per share, compared to $12.3 million, or $0.42 per share, for the same period last year.

During the third quarter, the Company opened 19 stores and closed one.

Fiscal Year-to-Date:
Net sales from continuing operations increased 10% to $1,188.9 million, for fiscal year-to-date 2008, compared to $1,077.1 million forthe same period of 2007. Comparable store sales increased 5% year-to-date 2008 on top of a 1% increase for the same period last year.

Must ReadView All

Courtesy: Myntra

Apparel/Garments | On 3rd Dec 2016

Myntra to be EBITA positive by FY18: CEO Narayanan

Myntra is on track to achieve sustainable growth and be EBITA...

Courtesy: India ITME Society

Textiles | On 3rd Dec 2016

India ITME 2016 opens with over 1050 exhibitors

The India International Textile Machinery Exhibition (India ITME)...

Courtesy: Bruckner

Textiles | On 3rd Dec 2016

Indian textile companies opt for Brückner stenter lines

Indian textile firms Laxmipati Sarees, makers of polyester sarees and ...

Interviews View All

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search