Children's Place reports consolidated April sales up 1%
11 May '07
3 min read
The Children's Place Retail Stores Inc announced sales of $140.3 million for the four-week period ended May 5, 2007, a 1% increase compared to sales of $139.2 million for the four-week period ended April 29, 2006.
Consolidated comparable store sales decreased 2% compared to last year's 22% increase. During April 2007, the Company opened four Children's Place stores and closed one.
As previously announced, due to the extra week in fiscal 2006, the Company's fiscal 2007 comparable store sales have shifted by one week as compared to the corresponding period of fiscal 2006.
Any references made and going forward regarding last year's comparable store sales results will be on the "adjusted" basis. For a breakdown of the Company's fiscal 2006 comparable store sales on an "as reported" and "as adjusted" basis, please refer to the Company's March 8, 2007, press release.
At this time, the Company anticipates reporting preliminary earnings per share of $0.40 to $0.42 for the first quarter of fiscal 2007, below previous guidance.
While consolidated comparable stores sales results came in at the low end of previous guidance, sales were lower than planned and markdowns were higher at both brands than previously anticipated, primarily due to continued poor Spring performance at The Children's Place, lack of newness at Disney Store and the unfavorable weather experienced in April.
This earnings per share range also includes approximately $2.5 million, pre-tax, in costs paid or accrued in association with the stock option investigation and related expenses.
marketing@alchempro.com
