Children’s Place names Reliance Industries vet CFO: Q3 net income drops

Secaucus, N.J. – The Children’s Place Inc. has named Anurup Pruthi as senior VP and CFO, effective Dec. 1, 2014. He will report to Michael Scarpa, COO.



Pruthi, 46, brings more than 23 years of financial expertise to The Children's Place. He joins the company from Reliance Industries Ltd in Mumbai, India, where he served as CFO for its $2.5 billion retail business. Prior to Reliance Industries, Pruthi served as CEO of the Future Group business consulting and services company; CFO, global merchandising and supply chain at Burberry PLC; COO and CFO for Mexx Europe Holding, a subsidiary of Liz Claiborne Inc.; and group finance director for Liz Claiborne Inc.



In addition, for the third quarter of fiscal 2014, Children’s Place posted net income of $36.9 million, down 11% from $41.7 million the same quarter the prior year. Net sales dropped 1% to $487.3 million from $492.7 million. Same-store sales rose 0.2%. Asset impairment charges impacted net income, while currency fluctuation affected sales totals.