Kids clothing Co Children's Place July Comp Store sales soar 8%
05 Aug '05
4 min read
Comparable store sales for The Children's Place stores increased 9 percent, on top of a 13 percent increase in the same period last year. Through July 30, 2005, the Company has opened 20 Children's Place stores and closed two. In addition, the Company has opened two Disney Stores and closed one.
"They are pleased with our July and first half sales results, and are encouraged by the initial customer response to our Back-to-School assortments at both Children's Place and Disney Store," said Ezra Dabah, Chairman and Chief Executive Officer of The Children's Place Retail Stores Inc "In addition to our strong sales results, during the month they achieved several important milestones, such as the successful opening of our new, fully-automated 525,000 square foot East Coast distribution center, the chain wide roll out of our 'Magic Makeover' initiative at Disney Store and remodeled the first Disney Store into our new 'Mickey' prototype in Trumbull, Connecticut."
They are also excited to introduce The Children's Place brand to new customers through the launch of our first ever national cable TV ad campaign, which begins today.
The Company stated that it anticipates reporting a loss per share of $(0.67) to $(0.68) for the second quarter.
Separately, the Company stated that the recent revaluation of the Chinese Yuan should have no impact on its fiscal 2005 financial results. Similarly, the Company has no exposure to the apparel safeguards enacted by the US government on certain product categories manufactured in China as it chose not to take the risk of sourcing those categories from China.
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