Children's Place to reduce fiscal 2008 capital expenditures
20 Mar '08
2 min read
The Children's Place Retail Stores Inc announced its fiscal 2007 fourth quarter and full year financial results and also announced several important actions the Company is taking as a result of its strategic review process.
Summary Overview of Fiscal 2007 Fourth Quarter and Full Year Results:
• Consolidated net sales for the fourth quarter increased 4% to $670.9 million. • Consolidated comparable store sales for the fourth quarter increased 3%. • The Company's fourth quarter net loss was $58.5 million, or $2.01 per share for the thirteen-week period compared to net income of $44.7 million, or $1.48 per share in the fourteen-week period last year. • Consolidated sales for the fiscal year increased 7% to $2,162.6 million. • Consolidated comparable store sales for the fiscal year increased 2% • Net loss for the full year was $59.6 million, or $2.05 per share, compared to net income of $87.4 million, or $2.92 per share last year.
A full overview of our fiscal 2007 fourth quarter and full year financial results is included below.
Update on Strategic Review -- Key Actions & Priorities:
As part of the Company's strategic review process first announced in October 2007, the Company is taking the following actions: 1. Exiting the Disney Store North America business 2. Enhancing Profitability through Workforce Reduction 3. Reducing Planned 2008 Capital Expenditure Budget 4. Inventory Strategy Update
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