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The Children's Place updates guidance for Q3
23
Oct '10
The Children's Place Retail Stores, Inc.,the largest pure-play children's specialty apparel retailer in North America, announced that as a result of weaker than expected sales quarter-to-date, the Company now expects earnings per diluted share from continuing operations for the third quarter of 2010 to be in the range of $1.10 to $1.13 compared to its previous guidance of $1.38 to $1.43.

The updated guidance includes a $0.04 per share benefit resulting from the Company's repurchase of 1.6 million shares so far during the third quarter of 2010, and assumes that comparable retail sales, which are running in the negative mid-single digits quarter-to-date, will remain at this level throughout the remainder of the third quarter.

"We had a solid start with back-to-school basics, but poorly performing fashion coupled with unseasonably warm temperatures have negatively impacted sales and profitability during the quarter," commented Jane Elfers, President and Chief Executive Officer of The Children's Place.

"Looking forward, there is uncertainty surrounding the upcoming holiday season but we are pleased to be entering the fourth quarter with lean and fresh inventory. We continue to pursue our five key initiatives which we expect to drive sales and profit growth in 2011 and beyond."

The Children's Place is the largest pure-play children's specialty apparel retailer in North America. The Company designs, contracts to manufacture and sells fashionable, high-quality merchandise at value prices under the proprietary "The Children's Place" brand name.

The Children's Place Retail Stores Inc

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