The Children's Place, Inc. (PLCE) said it delivered outstanding third quarter with sales, gross margin, operating margin and EPS all at record levels. Digital sales represented 45% of the company's total net sales, with over 71% of digital business now coming through a mobile device.
Third quarter adjusted net income per share was $5.43 compared to $1.35, a year ago. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $4.40, for the quarter. Analysts' estimates typically exclude special items. Net income increased to $78.9 million, or $5.30 per share, from $13.3 million, or $0.91 per share, prior year.
Net sales increased 31.2%, to $558.2 million from $425.6 million, prior year, primarily driven by strong customer response to product assortment and the strategic reset of pricing and promotions. Comparable retail sales were 36.2% for the quarter. Analysts on average had estimated $566.42 million in revenue.
Shares of The Children's Place were up 7% in pre-market trade on Thursday.
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