Children's Place Releases 1Q Earnings

Children's Place Releases 1Q Earnings
June 03, 2008

Secaucus, N.J.-based The Children's Place Retail Stores Inc. reported net sales of $400.2 million, a 12 percent increase, for the first quarter ending May 3, 2008, compared to $356 million for the same time period last year. Comparable-store sales rose 5 percent, versus 2 percent; while income from continuing operations increased 15 percent to $34 million, compared to $29.6 million. Net income was $19.5 million, versus $14.7 million. For the quarter, the company opened three new stores and closed one. "Our first quarter results show progress toward our goal of returning the company to its historical level of profitability," said Chuck Crovitz, interim CEO of Children's Place. "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." The company operates 906 stores throughout the United States and Canada.

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