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The Children's Place sales fall to $426 mn in Q3 FY20

24 Nov '20
2 min read
Pic: Shutterstock
Pic: Shutterstock

The Children’s Place, the largest pure-play children’s specialty apparel retailer, has announced financial results for the third quarter (Q3) FY20 that ended October 31, 2020. Sales during Q3 declined 19 per cent to $425.6 million compared to sales of $524.8 million in same period last year. Net income came down to $13.3 million (Q3 FY19: $43.0 million).
 
“As expected, revenue during our peak back-to-school period was significantly impacted by the move to remote and hybrid learning models. Post the back-to-school peak, when our assortments converted to more casual options and the weather turned cooler, our sales improved,” Jane Elfers, president and chief executive officer, said in a press release.
 
Gross profit for the quarter dropped to $146.0 million ($198.1 million). Selling, general and administrative expenses decreased to $106.6 million ($120.5 million).
 
“Our digital sales penetration increased to 44 per cent in the third quarter and year-to-date, our digital sales represent 55 per cent of total sales. Since the onset of the Covid-19 pandemic in March, we have increased the number of new digital customers versus last year by approximately 100 per cent, converted over 800,000 of our store-only customers to omni-channel customers, and increased our mobile app downloads by over 60 per cent versus last year,” Elfers said.
 
“We are approaching the fourth quarter with heightened caution and expect both sales and profitability to be under pressure due to the numerous headwinds created by the pandemic, specifically: the reduced demand for dress-up product, significantly reduced store traffic, recent nationwide spikes in Covid-19 cases resulting in additional temporary store closures, social distancing requirements, and reduced mall operating hours,” Elfers said.

Fibre2Fashion News Desk (JL)

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