The Children's Place Retail Stores Inc announced total consolidated sales of approximately $154.7 million for the five-week period ended July 7 2007, an approximate 2% increase compared to sales of $151.7 million for the five-week period ended July 1, 2006. Consolidated comparable store sales decreased approximately 4% for the five weeks ended July 7, 2007, compared to a 15% increase last year.
Consolidated June comparable store sales are comprised of an approximate 4% decrease at The Children's Place brand, and an approximate 3% decrease at Disney Store. Quarter-to-date, consolidated comparable store sales are approximately flat compared to last year's 14% increase. Final June sales results will be reported on Wednesday, July 11, 2007, before the market opens.
Based on quarter-to-date sales trends, the Company anticipates reporting a loss per share of approximately $(0.94) to $(0.98) for the second quarter ending August 4, 2007. This earnings per share range includes approximately $2.0 million, pre-tax, in costs paid or accrued in association with the Company's previously disclosed stock option investigation and related expenses.
"In the month of June, sales came in below our expectations at both brands," said Ezra Dabah, Chief Executive Officer of The Children's Place Retail Stores, Inc. "As a result, we took significantly more markdowns which are negatively impacting our gross margin. We believe our assortments at both brands were not as focused and compelling as last year, which has been compounded by continuing mall traffic declines."
marketing@alchempro.com
