Children's Place Q1 Results Miss Estimates

Specialty apparel retailer The Children's Place, Inc. (PLCE) reported Thursday net income of $18.83 million or $1.43 per share for the first quarter, lower than $45.21 million or $3.01 per share in the prior-year quarter.

Excluding items, adjusted net income was $1.05 per share, compared to $3.25 per share last year.

On average, five analysts polled by Thomson Reuters expected the company to report earnings of $1.46 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter declined 16.8 percent to $362.35 million from $435.48 million last year. Analysts expected revenue of $401.59 million for the quarter. Comparable retail sales decreased 16.9 percent for the quarter.

Looking ahead, the company said it is not providing earnings guidance, due to the uncertainty in the current environment.

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