Children's Place 2Q comps up 4.7%

SECAUCUS, N.J. The Children's Place Retail Stores announced second-quarter net sales of $345.3 million for the thirteen weeks ended July 31, a 9.4% increase compared with $315.7 million in the second quarter of 2009.

Comparable-retail sales, which include online sales, increased 4.7% in the second quarter of fiscal 2010 compared with a decline of 8.5% the previous year. During the second quarter of 2010, comparable-store sales increased 3.3% in the United States and 0.8% in Canada, and comparable-online sales increased 30.4%.

The loss from continuing operations after tax was $8.3 million, or 30 cents per share, in the second quarter of 2010, compared with a loss of $7.2 million in the second quarter of 2009, or 24 cents per share, including several transactions affecting comparability between the quarters.

"We posted solid results for the second quarter, narrowing our seasonal operating loss through a combination of top line growth and disciplined expense management. We also continued to make substantial progress on our longer-term growth initiatives and believe we are well positioned to gain market share," commented Jane Elfers, president and CEO of The Children's Place. "While the economic environment remains uncertain, we are focused on driving improved sales and profitability in our business for the long term."

The company updated its guidance for fiscal 2010 and now projects earnings per diluted share from continuing operations will be in the range of $3.08 to $3.18 for fiscal 2010, reflecting its first half results, from its previous guidance of $3.05 to $3.15. The company provided initial guidance for earnings per diluted share from continuing operations for the third quarter of 2010 to be in the range of $1.38 to $1.43.