Children's Place Slashes FY23 Outlook As Q1 Results Miss Estimates; Stock Down 16%
(RTTNews) - Specialty apparel retailer The Children's Place, Inc. (PLCE) reported Wednesday a net loss for the first quarter of $28.83 million or $2.33 per share, compared to net income of $19.83 million or $1.43 per share in the prior-year quarter. Excluding items, adjusted net loss was $2.00 per share, compared to $1.05 per share last year.
On average, four analysts polled by Thomson Reuters expected the company to report a loss of $1.83 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter declined 11.2 percent to $321.64 million from $362.35 million in the same quarter last year. Analysts expected revenue of $338.46 million for the quarter. Comparable retail sales decreased 8.2 percent for the quarter.
Looking ahead to the second quarter, the company expects adjusted loss in a range of $2.15 to $2.20 per share on net sales between $340 million and $345 million. Analysts expect a loss of $1.56 per share on revenues of $358.28 million for the quarter.
For fiscal 2023, the company now projects adjusted earnings in a range of $1.00 to $1.50 per share on net sales between $1.575 billion and $1.590 billion.
Previously, the company expected adjusted earnings in the range of $2.50 to $3.00 per share on net sales between $1.62 billion and $1.66 billion.
The Street is looking for earnings of $2.15 per share on revenues of $1.65 billion for the year.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
Children's Place Q3 Adj. EPS Misses Estimates; Slashes FY23 Outlook; Stock Down 18%
Abercrombie & Fitch, Kohl's Q1 Results Top Estimates, While Children's Place Missed
Dollar General Q4 Profit Rises, While Children's Place Slips To Loss
Children's Place Slashes Q4 Outlook
Macy's, Kohl's Q3 Results Top Estimates, While Children's Place Adj. EPS Missed
Children's Place Trims FY22 Adj. EPS, Net Sales Outlook As Q3 Adj. EPS Misses Estimates
Indian Rupee Rises To 2-week High On GST Reforms Push
