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Children's Place delivers top-line growth in third quarter
20 Nov '09
4 min read
o In fiscal 2008, gains included $11.1 million, pre-tax, from transition services income net of variable expenses for services provided to the acquirer of the DSNA business, $2.3 million, pre-tax, for the sale of a store lease and $0.2 million, pre-tax, in recovery of legal fees. These gains were partially offset by $2.4 million, pre-tax, in professional fees associated with the Company's restructuring activities and $1.3 million, pre-tax, in legal fees related to the Company's 2006 stock-option investigation.
• Excluding the unusual or one-time items mentioned above from both years, adjusted income from continuing operations was $47.3 million, or $1.63 per diluted share, fiscal year-to-date 2009, compared to $44.7 million, or $1.52 per diluted share, for the same period last year. The 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, which includes the impact of discontinued operations, was $54.2 million, or $1.87 per diluted share, fiscal year-to-date 2009, compared to $43.6 million, or $1.48 per diluted share, last year.
• Fiscal year-to-date, the Company has opened 34 stores and closed one.
Chuck Crovitz, interim Chief Executive Officer of The Children's Place, commented, "We were pleased to have delivered top-line growth and increased profitability in the third quarter. While the consumer remains cautious, we were encouraged by the increased number of sales transactions as customers responded favorably to our fashionable assortment at value price points. In addition, we were able to protect margins with prudent cost controls and inventory management. Based on our expectation that the consumer will remain price sensitive during the fourth quarter, we plan to offer compelling promotions that are designed to create excitement throughout the holiday season."
• Excluding the unusual or one-time items mentioned above from both years, adjusted income from continuing operations was $47.3 million, or $1.63 per diluted share, fiscal year-to-date 2009, compared to $44.7 million, or $1.52 per diluted share, for the same period last year. The 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, which includes the impact of discontinued operations, was $54.2 million, or $1.87 per diluted share, fiscal year-to-date 2009, compared to $43.6 million, or $1.48 per diluted share, last year.
• Fiscal year-to-date, the Company has opened 34 stores and closed one.
Chuck Crovitz, interim Chief Executive Officer of The Children's Place, commented, "We were pleased to have delivered top-line growth and increased profitability in the third quarter. While the consumer remains cautious, we were encouraged by the increased number of sales transactions as customers responded favorably to our fashionable assortment at value price points. In addition, we were able to protect margins with prudent cost controls and inventory management. Based on our expectation that the consumer will remain price sensitive during the fourth quarter, we plan to offer compelling promotions that are designed to create excitement throughout the holiday season."
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