Children's Place brand's comparable store sales jump in Q4
15 Mar '07
3 min read
The Children's Place Retail Stores Inc announced preliminary financial results for its fourth quarter and fiscal year ended February 3, 2007.
These preliminary results may be subject to significant adjustment as a result of the Company's restatement of previously issued financial results to correct the accounting for past stock option grants to reflect the findings of the investigation into the Company's stock option practices, which were announced in a separate press release on January 31, 2007.
As a result, the Company is not providing net income on a per share basis or full comparative financial results for the fourth quarter and full fiscal year ended January 28, 2006, and is providing only selected balance sheet data.
Fourth Quarter: • Consolidated net sales for the 14 weeks ended February 3, 2007, increased 20% to $645.2 million compared to $539.7 million for the 13 weeks ended January 28, 2006. Fourth quarter sales were comprised of $416.8 million from The Children's Place brand, a 17% increase over last year, and $228.4 million from Disney Store, a 24% increase over last year. •Consolidated comparable store sales for the 13 weeks ended January 27, 2007, increased 6%. The Children's Place brand's comparable store sales increased 3% on top of last year's 11% increase. Disney Store's comparable store sales increased 14%. • Preliminary operating income was $54.8 million, or 8.5% of net sales. • Preliminary net income was $46.8 million, including approximately $3.3 million, pre-tax, in equity compensation expense under SFAS 123R. Also included in net income are:
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