Children's Place Q1 profit swells 21%

Secaucus, N.J. Children's Place Retail Stores reported Thursday its profit climbed 21% in its fiscal first quarter on lower expenses and a tax benefit.

For the period ended May 2, the retailer reported that net income rose to $23.5 million from $19.5 million. The latest quarter included a tax benefit of $4.5 million.

Income from continuing operations improved to $23.7 million from $19.4 million. Excluding restructuring costs and other items, earnings from continuing operations were $21.8 million.

Sales edged up to $401.9 million from $400.2 million to meet Wall Street's expectations. Same-store retail sales, including online, increased a slight 1%.