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Children's Place comp store sales improve
23 May '08
2 min read
• During the first quarter, the Company opened three The Children's Place stores and closed one.
Chuck Crovitz, Interim Chief Executive Officer of The Children's Place Retail Stores Inc, commented, "Our first quarter results show progress toward our goal of returning the Company to its historical level of profitability. During the quarter, we exited the Disney Store business at cash costs that are expected to be at the low end of our previously disclosed range of $50 million to $100 million.
In addition, we began the reduction of our cost structure, announced lower capital spending for 2008 and expect our inventory position to be below last year's level at the end of the second quarter.
Further, we continue to be encouraged by the customer response to our summer merchandise and believe that The Children's Place, as a leading value player in the children's apparel market, is well-positioned in this difficult economic environment."
Chuck Crovitz, Interim Chief Executive Officer of The Children's Place Retail Stores Inc, commented, "Our first quarter results show progress toward our goal of returning the Company to its historical level of profitability. During the quarter, we exited the Disney Store business at cash costs that are expected to be at the low end of our previously disclosed range of $50 million to $100 million.
In addition, we began the reduction of our cost structure, announced lower capital spending for 2008 and expect our inventory position to be below last year's level at the end of the second quarter.
Further, we continue to be encouraged by the customer response to our summer merchandise and believe that The Children's Place, as a leading value player in the children's apparel market, is well-positioned in this difficult economic environment."
The Children's Place Retail Stores Inc
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