Children’s Place grows profit, shrinks sales in Q1

Secaucus, N.J. – A reduction in cost of sales helped The Children’s Place Inc. boost net income 15% to $15.6 million in the first quarter of fiscal 2015 from $13.6 million in the same quarter a year earlier. The Children’s Place achieved this increase in profitability even as net sales dropped 1% to $404.9 million, from $410.15 million.



Negative impact of foreign currency exchange fluctuations drove the reduction in net sales. Same-store sales rose 0.7%.



“We have been sharply focused on the execution of our transformation plan, and we are pleased that our efforts are yielding substantial financial and operational results,” said Jane Elfers, president and CEO. “Our strategy is generating results across the entirety of our business, and we expect to continue to deliver enhanced value to shareholders throughout 2015 and beyond as we realize the full benefits of our transformation."