The Children's Place Retail Stores Inc (PLCE) reported financial results for the fiscal first quarter ended April 29, 2006.
Consolidated net sales for the first quarter increased 16 percent to $426.5 million, compared to $369.2 million last year.
First quarter sales were comprised of $322.0 million from The Children's Place brand, a 15 percent increase over last year's sales of $280.7 million, and $104.5 million from Disney Store, an 18 percent increase compared to $88.5 million last year.
Consolidated comparable store sales increased 9 percent in the quarter. The Children's Place brand's comparable store sales increased 8 percent on top of last year's 13 percent increase and Disney Store's comparable store sales increased 14 percent.
Net income increased 56 percent to $15.3 million versus $9.8 million last year.
Diluted earnings per share increased 53 percent to $0.52, compared to diluted earnings per share of $0.34 for the first quarter last year.
Excluding equity compensation and stock option expense, diluted earnings per share for the quarter were $0.58, a 71 percent increase over last year. Last year's earnings per share, as reported, were reduced by $0.02 for the adoption of FSP FAS No. 13-1, the expensing of rent during construction. Last year's earnings per share also included a $0.03 non-cash charge related to acquired Disney Store inventory.
During the first quarter, the Company opened eight Children's Place stores and closed one. In addition, the Company closed one Disney Store.
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