The Children's Place, Inc. (PLCE) announced preliminary results for the fourth quarter of fiscal 2023. Net sales are now expected to be approximately $454 million to $456 million, revised from the prior guidance of $460 million to $465 million. Adjusted operating loss is expected to be in the range of negative 9.0% to negative 8.0% of net sales, versus the prior guidance of adjusted operating income of approximately 2% to 3% of net sales. Total liquidity as of February 3, 2024 is projected to be approximately $45 million.
The company said it is working with advisors, lenders and potential lenders to obtain new financing necessary to support ongoing operations, and is considering strategic alternatives in the event that the company is unable to consummate new financing.
The company plans to provide further commentary on the fourth quarter and fiscal 2023 actual results, and the outlook for fiscal 2024, during the first quarter as part of its earnings release and conference call.
Shares of The Children's Place are down 39% in pre-market trade on Friday.
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