Children's Place gains 9% after swinging to Q2 profit
The Children’s Place Retail Stores Inc. (Nasdaq:PLCE) saw its stock rise by nearly 9% this morning after the children’s clothing retailer announced it had swung to a second-quarter profit while analysts were expecting a loss.
The Secaucus, N.J.-based company reported before the bell this morning net income of $11,000, or $0.00 per share, for the quarter ended Aug. 2, compared with a loss of $28 million, or $0.97 per share, a year earlier. Analysts polled by Thomson First Call were expecting a quarterly loss of $0.43 per share.
Excluding one-time charges, The Children’s Place would have reported a loss of $0.03 per share.
The firm said its merchandise assortment for summer was “very well-received by customers” and that its “sharpened” E-commerce marketing and merchandising efforts helped drive web traffic and sales.
By late morning, Children’s Place is at $40.03, up $3.27 from Wednesday’s close, after having reached as high as $42.50 earlier in the day. The stock has traded as low as $14.92 and as high as $42.59 in the past year.
For detailed price information and news stories on Children’s Place, click PLCE.
