Specialty retailer of children's merchandise The Children's Place Retail Stores Inc reported financial results for the fiscal first quarter ended April 29th 2006.
The 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.
The net income increased 56 percent to $15.3 million versus $9.8 million last year.
During the first quarter, the company opened eight Children's Place stores and closed one. In addition, the company closed one Disney Store.
"Our first quarter results mark a strong start to fiscal 2006," said Ezra Dabah, Chairman and CEO of The Children's Place.
"This is truly an exciting time for The Children's Place. Our first quarter performance reflects the progress we are making toward our 2006 goals of: increasing market share; enhancing the customer brand experience; and achieving greater expense efficiency. At Disney Store, we are pleased withour first quarter results, which were driven by our increased investment in apparel, a strong inventory position and positive guest response to our merchandise offering," Ezra added.
The Children's Place Retail Stores Inc is a leading specialty retailer of children's merchandise. It designs, contracts to manufacture and sells high-quality, value-priced merchandise under the proprietary 'The Children's Place' and licensed 'Disney Store' brand names.
The Children's Place Retail Stores Inc