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Children's Place Q1 profit up 4%, forecasts miss Street
Secaucus, N.J. -- The Children's Place Retail Stores reported Thursday that profit for the quarter ended April 30 rose 4% to $29.1 million, compared with $27.9 million a year earlier. The retailer cited better product assortment, strong online sales and inventory-control efforts for the improved performance.
Children’s Place also increased the low end of its full-year earnings outlook range, but its 2011 and second-quarter forecasts missed Wall Street's expectations.
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Hot Topic loss widens in Q1
City of Industry, Calif. -- Hot Topic reported Wednesday that its loss for the fiscal first quarter widened to $7.7 million, compared to a net loss of $1.8 million last year.
The first quarter results include $12.4 million of expenses for the implementation of the previously announced charges for strategic business changes and cost reduction plan.
Revenue dipped 0.8% to $161.3 million compared with $162.6 million for the first quarter last year. Same-store sales edged up 0.2%.