Children's Place Retail Stores,Inc. (PLCE) on Thursday reported first-quarter net income of $19.27 million or $0.83 per share, compared to $24.73 million or $1.00 per share in the year-ago quarter.
On average, 16 analysts polled by Thomson Reuters expected earnings per share of $0.61 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly net sales declined 3.5 percent to $423.2 million from $438.5 million in the first quarter of the prior year. Comparable retail sales dropped 5.5 percent. Analysys estimated revenue of $416.58 million for the period.
Jane Elfers, President and Chief Executive Officer, said, "After a difficult start to the quarter, April sales improved significantly with the return of more seasonable weather. Our expenses throughout the quarter were well-controlled. We exceeded our earnings forecast for the first quarter and we are raising guidance for the year to reflect these improved results."
Looking ahead, the retailer projects second quarter adjusted loss per share between $0.50 and $0.55, assuming flat comparable retail sales. Sixteen analysts estimate loss per share of $0.60.
For the fiscal 2013, adjusted earnings per share is now anticiapted in the range of $3.05 - $3.20, with comparable retail sales to be flat to slightly negative. Earlier, the company had expected adjusted per share earnings of $2.90 - $3.10, with negative low-single digit comparable retail sales. Wall Street analysts currently estimate earnings of $3.00 per share for the full year.
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