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Children's Place comp store sales improve

23
May '08
The Children's Place Retail Stores Inc reported financial results for the fiscal first quarter ended May 3, 2008. The Disney Store North America (DSNA) business has been classified as discontinued operations in accordance with generally accepted accounting principles (GAAP) reflecting the Company's decision to exit the business. Results from continuing operations for both the first quarter of 2008 and 2007 reflect The Children's Place business only.

• Net sales of The Children's Place business for the thirteen-weeks ended May 3, 2008, increased 12% to $400.2 million, compared to $356.0 million last year.
• Comparable store sales of The Children's Place business increased 5% in the quarter, on top of last year's 2% comparable store sales increase.
• Income from continuing operations before interest and taxes increased 15% to $34.0 million from $29.6 million last year.
• Income from continuing operations was $19.4 million compared to income from continuing operations of $19.1 million last year.
• Diluted earnings per share from continuing operations were $0.66 compared to diluted earnings per share from continuing operations of $0.64 last year.
• Net income including the impact of discontinued operations was $19.5 million, or $0.67 per diluted share, compared to $14.7 million, or $0.49 per diluted share last year.
• The effective tax rate for continuing operations in the first quarter was 42% compared to 38% last year, as the Company is no longer permanently invested in its Asian subsidiary.


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