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Apparel investment drives PLCE Disney Store sales

May '06
The Children's Place Retail Stores Inc (PLCE) reported financial results for the fiscal first quarter ended April 29, 2006.

Consolidated net sales for the first quarter increased 16 percent to $426.5 million, compared to $369.2 million last year.

First quarter sales were comprised of $322.0 million from The Children's Place brand, a 15 percent increase over last year's sales of $280.7 million, and $104.5 million from Disney Store, an 18 percent increase compared to $88.5 million last year.

Consolidated comparable store sales increased 9 percent in the quarter. The Children's Place brand's comparable store sales increased 8 percent on top of last year's 13 percent increase and Disney Store's comparable store sales increased 14 percent.

Net income increased 56 percent to $15.3 million versus $9.8 million last year.

Diluted earnings per share increased 53 percent to $0.52, compared to diluted earnings per share of $0.34 for the first quarter last year.

Excluding equity compensation and stock option expense, diluted earnings per share for the quarter were $0.58, a 71 percent increase over last year. Last year's earnings per share, as reported, were reduced by $0.02 for the adoption of FSP FAS No. 13-1, the expensing of rent during construction. Last year's earnings per share also included a $0.03 non-cash charge related to acquired Disney Store inventory.

During the first quarter, the Company opened eight Children's Place stores and closed one. In addition, the Company closed one Disney Store.

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