| US: The Children's Place Q1 profit jumps 22% |
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| Written by just-style.com | |||
| 29 May 09 | |||
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The Children's Place Retail Stores Inc has reported a 22% jump in first quarter profit thanks to higher sales and cost cutting measures.
Excluding restructuring costs, financing fees and an asset impairment charge, earnings were $21.8m, or $0.74 per share, the company said. Net sales were up 0.4% to $401.9m from year's $400.2m, and comparable retail sales, which include online sales, increased 1%. Interim CEO Chuck Crovitz said the company delivered "a solid performance in the first quarter, particularly in light of the market volatility and negative industry trends." He added: "Comparable retail sales increased as our trend-right fashion at great value prices resonated well with customers.
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