Specialty apparel retailer The Children's Place, Inc. (PLCE) reported Thursday net income of $45.21 million or $3.01 per share for the first quarter, compared to a net loss of $114.81 million or $7.86 per share in the prior-year quarter.
Excluding items, adjusted net income was $3.25 per share, compared to adjusted net loss of $3.33 per share last year.
On average, five analysts polled by Thomson Reuters expected the company to report earnings of $0.06 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter nearly doubled to $435.48 million from $255.21 million, primarily as a result of strong customer response to product assortment and the unprecedented level of stimulus payments from the recent government pandemic relief legislation. Analysts expected revenue of $354.78 million for the quarter. Comparable retail sales were 83.0 percent for the quarter.
Net sales were negatively impacted by permanent and temporary store closures and the impact of reduced operating hours in its mall stores, as mandated by the mall owners.
Looking ahead, the company said it is not providing earnings guidance, due to the continued volatility created by the COVID-19 pandemic.
"Our long-standing strategic plan has served us well. We are a stronger company today than we were prior to the pandemic and we look forward to continuing to deliver accelerated operating margin expansion for our shareholders in 2021 and beyond," Said Jane Elfers, President and CEO.
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