logo
Plus   Neg
Share
Email

Children's Place Slashes FY19 Outlook, Declares Dividend - Quick Facts

While reporting financial results for the third quarter on Wednesday, children's specialty apparel retailer The Children's Place, Inc. (PLCE) provided adjusted earnings and net sales guidance for the fourth quarter and slashed outlook for the full-year 2019.

The company also delivered positive 0.8 percent comparable retail sales in the third quarter on top of a positive 9.5 percent last year.

For the fourth quarter, the company expects adjusted net income in the range of $1.48 to $1.68 per share on net sales between $504 million and $509 million, and comparable retail sales increase in the mid-single digits.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.06 per share on net sales of $555.13 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2019, the company now forecasts adjusted earnings in a range of $5.00 to $5.20 on net sales between $1.862 billion and $1.867 billion, and comparable retail sales decline of 3 percent.

Previously, the company expected adjusted earnings in the range of $5.40 to $5.75 per share on net sales between $1.910 billion and $1.925 billion, and comparable retail sales to be flat.

Analysts expect the company to report earnings of $5.62 per share on revenues of $1.92 billion for the year.

As part of its continued capital return program, the company's Board declared a quarterly cash dividend of $0.56 per share, payable on December 27, 2019 to shareholders of record at the close of business on December 16, 2019.

The company also said it is on track to relaunch its iconic Gymboree brand in early 2020 with an enhanced, personalized, online shopping experience at gymboree.com, and with over 200 shop-in-shop locations in select The Children's Place stores across the U.S. and Canada.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Video streaming giant Netflix said it will donate 1 million euros to Audiens, the social protection group of the French cultural sector, to help launch a COVID-19 emergency relief fund to support workers in the French television and cinema industry. Netflix and Audiens said they have created the new COVID-19 Film and TV Emergency Relief Fund to help the hardest hit workers in the industry. Major U.S. retail container ports are estimated to report a five-year low for imports in March as consumer demand has been impacted with millions of Americans out of work amid the coronavirus (COVID-19) outbreak, according to a report by the National Retail Federation or NRF. The U.S. Food and Drug Administration has issued warning letters to three sellers of fraudulent COVID-19 products. There are currently no approved preventatives or treatments for COVID-19, the FDA said in a statement.
RELATED NEWS
Follow RTT
>