The Children's Place, Inc. (PLCE) said it delivered an outstanding second quarter with gross margin, operating margin and EPS all at record levels. The company noted that it experienced a significant acceleration in back-to-school sales during the last two weeks of July, and the third quarter is off to an outstanding start.
Second quarter adjusted net income per share was $1.71 compared to an adjusted loss of $2.68 per share, last year. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.31, for the quarter. Analysts' estimates typically exclude special items.
Net income was $24.1 million, or $1.60 per share, compared to a net loss of $46.6 million, or $3.19 per share, last year.
Net sales increased 12.2%, to $413.9 million from $368.9 million, previous year. Comparable retail sales were 14.1% for the quarter. Analysts expected revenue of $417.31 million, for the quarter.
Shares of Children's Place were down 4% in pre-market trade on Wednesday.
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