Children’s Place Earnings Up in 3Q

Secaucus, N.J. Children's Place Retail Stores reported a net income for its third quarter of $24.1 million, up from $12.3 million in the same quarter of last year. Net sales rose about 5% to $450.6 million.

The company also reported that its same-store sales were up 2%.

Gross margin rose to 43.6% from 40%. Selling, general and administrative expenses were down 3% during the quarter.

However, the company said it expects a challenging holiday season.

"We expect this holiday season to be a very challenging one as the macroeconomic environment remains weak and is impacting consumers' purchasing power," Chuck Crovitz, interim CEO, said in a statement.