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Kids apparel retailer Children's Place sales grow by 10%
21 Nov '08
4 min read
Income from continuing operations after tax was $50.6 million, or $1.72 earnings per share, year-to-date 2008, compared to $14.2 million, or $0.49 per share, for the same period last year.
Excluding the unusual or one-time items from both years, income from continuing operations after tax was $44.7 million, or $1.52 earnings per share, year-to-date 2008, compared to $22.1 million, or $0.74 per share, for the same period last year. As previously noted, this is a non-GAAP measure which the Company is providing as a supplemental disclosure.
Net income, including the impact of discontinued operations, was $43.6 million, or $1.48 earnings per share, year-to-date 2008, compared to a loss of $1.1 million, or $0.04 loss per share, for the same period last year.
Year-to-date, the Company opened 22 stores and closed six.
Chuck Crovitz, Interim Chief Executive Officer of The Children's Place Retail Stores, Inc., commented, "We were pleased with our sales and earnings growth during the third quarter, in spite of the weakening economic conditions and reduced shopper traffic.
We believe our positive results are attributable to the strength of The Children's Place brand -- which offers great color, outfitting and fashion at a tremendous value -- as well as the many actions the Company has taken over the past year to reduce inventory levels, right-size our cost structure, strengthen the balance sheet and refocus efforts on our core The Children's Place brand.
"We believe The Children's Place is uniquely well-positioned for this economy as we offer parents the fashion and value they are looking for, coupled with an excellent customer experience to help expedite and simplify their holiday shopping. However, we expect this holiday season to be a very challenging one as the macroeconomic environment remains weak and is impacting consumers' purchasing power."
Excluding the unusual or one-time items from both years, income from continuing operations after tax was $44.7 million, or $1.52 earnings per share, year-to-date 2008, compared to $22.1 million, or $0.74 per share, for the same period last year. As previously noted, this is a non-GAAP measure which the Company is providing as a supplemental disclosure.
Net income, including the impact of discontinued operations, was $43.6 million, or $1.48 earnings per share, year-to-date 2008, compared to a loss of $1.1 million, or $0.04 loss per share, for the same period last year.
Year-to-date, the Company opened 22 stores and closed six.
Chuck Crovitz, Interim Chief Executive Officer of The Children's Place Retail Stores, Inc., commented, "We were pleased with our sales and earnings growth during the third quarter, in spite of the weakening economic conditions and reduced shopper traffic.
We believe our positive results are attributable to the strength of The Children's Place brand -- which offers great color, outfitting and fashion at a tremendous value -- as well as the many actions the Company has taken over the past year to reduce inventory levels, right-size our cost structure, strengthen the balance sheet and refocus efforts on our core The Children's Place brand.
"We believe The Children's Place is uniquely well-positioned for this economy as we offer parents the fashion and value they are looking for, coupled with an excellent customer experience to help expedite and simplify their holiday shopping. However, we expect this holiday season to be a very challenging one as the macroeconomic environment remains weak and is impacting consumers' purchasing power."
Children's Place
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