Children's Place comps flat in Q4

SECAUCUS, N.J.

The Children's Place Retail Stores reported that net sales from continuing operations for the fourth quarter of 2009 were $462.8 million, an increase of 5% compared with $441.5 million for the fourth quarter of 2008. Comparable retail sales were flat in the fourth quarter of 2009 compared with a 1% increase in the fourth quarter of 2008. Net income, including the impact of discontinued operations, was $34.1 million, or $1.23 per diluted share, in the fourth quarter of fiscal 2009, compared with $38.8 million, or $1.31 per diluted share, for the fourth quarter of fiscal 2008.

Net sales from continuing operations for fiscal 2009 increased 1% to $1.64 billion, compared with $1.63 billion for fiscal 2008. Comparable retail sales for fiscal 2009 declined 2% following a 5% increase for fiscal 2008. Net income, including the impact of discontinued operations, was $88.4 million, or $3.08 per diluted share, for fiscal 2009, compared with $82.4 million, or $2.79 per diluted share, for fiscal 2008.

Children's Place is projecting that earnings per diluted share from continuing operations for fiscal 2010 will be between $2.90 and $3.10, assuming positive low-single digit comparable retail sales. For the first quarter of fiscal 2010, the company is forecasting that earnings per diluted share from continuing operations will be between 85 cents and 90 cents, assuming flat comparable retail sales.