Home / Knowledge / News / Apparel/Garments / The Children's Place makes significant progress in 2010
The Children's Place makes significant progress in 2010
09
Mar '11
The Children's Place Retail Stores Inc, the largest pure-play children's specialty apparel retailer in North America, announced financial results for the fourth quarter and fiscal year 2010 periods ended January 29, 2011.

Net sales from continuing operations for the fourth quarter of 2010 were $453.2 million, a 2.1% decline compared to $462.8 million for the fourth quarter of 2009. Comparable retail sales, which include online sales, declined 5.9% in the fourth quarter of 2010. Comparable store sales declined 9.0% in the U.S. and 6.2% in Canada, while comparable online sales increased 31.7%.

Income from continuing operations after tax for the fourth quarter of 2010 was $32.7 million, or $1.24 per diluted share. Income from continuing operations after tax for the fourth quarter of 2009 was $34.2 million, or $1.23 per diluted share. Excluding transactions that affect comparability between the quarters, adjusted income from continuing operations after tax increased 13% to $32.3 million, or $1.22 per diluted share, in the fourth quarter of 2010, compared to $28.5 million, or $1.03 per diluted share, the prior year. The Company's repurchase of 1.9 million shares during fiscal 2010 resulted in a 9 cent per diluted share benefit during the fourth quarter.

Adjusted income from continuing operations after tax is a non-GAAP measure. The Company believes the excluded transactions 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 net income from continuing operations as reported is included in this press release in Table 3.

Jane Elfers, President and Chief Executive Officer, commented, "We exceeded our bottom-line financial goals for the fourth quarter, despite lower sales, due to expense reductions and solid gross margin expansion. Our disciplined inventory management resulted in fewer markdowns and the strongest fourth quarter gross margin rate in four years."

"The Children's Place made significant progress in 2010. We increased top-line sales through growth in our e-commerce business and the opening of 67 new stores, primarily in value centers. We significantly strengthened our management team and made solid progress on our five key growth initiatives," Elfers continued. "The decision to authorize another $100 million share repurchase program is consistent with the Company's commitment to increasing returns on capital and creating long-term shareholder value."

Fiscal Year Financial Results

For fiscal 2010, net sales from continuing operations increased 1.8% to $1,674.0 million, compared to $1,643.6 million for fiscal 2009. Comparable retail sales for fiscal 2010 declined 2.5%. Comparable store sales declined 4.7% in the U.S. and 4.9% in Canada, while comparable online sales increased 29.5%.

For fiscal 2010, income from continuing operations after tax was $83.6 million, or $3.05 per diluted share. Income from continuing operations after tax for fiscal 2009 was $88.8 million, or $3.09 per diluted share. Excluding transactions that affect comparability between the years, adjusted income from continuing operations after tax increased 10% to $83.2 million, or $3.03 per diluted share, in fiscal 2010, compared to $75.8 million, or $2.64 per diluted share, the prior year. The Company's repurchase of 1.9 million shares during fiscal 2010 resulted in an 8 cent per diluted share benefit for the year.


Must ReadView All

Indian govt relaxes cabotage rule for cotton transport

Textiles | On 25th May 2018

Indian govt relaxes cabotage rule for cotton transport

The Government of India has relaxed cabotage rules for transportation ...

Courtesy: Teejay Lanka

Textiles | On 25th May 2018

Teejay Lanka doubles production capacity at Indian mill

Teejay Lanka, one of Sri Lanka’s largest textile manufacturers, has...

Courtesy: Messe Frankfurt/Yarn Expo Autumn edition

Textiles | On 25th May 2018

Yarn Expo Autumn 2018 scheduled earlier

Over 500 exhibitors are expected at the Yarn Expo Autumn 2018, being...

Interviews View All

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Urmil Arya

Sushila International, a well established textile organisation established ...

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Urs Stalder
Sanitized AG

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

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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

Leave your Comments


May 2018

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

news category


Related Categories:

Advanced Search