Children's Place Q3 profit leaps 57% on appealing pricing strategies

Secaucus, N.J. Children's Place Retail Stores said Thursday that its profit climbed in the third quarter as a favorable product mix and attractive prices motivated shoppers to spend during the important back-to-school season.

Interim CEO Chuck Crovitz said in a statement that the company expects consumers will still be looking for appealing prices in the fourth quarter, so it plans to roll out some promotions throughout the holiday season.

The children's apparel retailer earned $37.8 million for the period ended Oct. 31, up 57% from $24.1 million in the year-ago period and exceeding Wall Street expectations.

The retailer's performance was helped by cost-control efforts, with selling, general and administrative expenses reduced to $118.6 million from $126.7 million.

Sales rose 3% to $463.2 million from $450.6 million, beating Wall Street's estimate of $461.2 million.

Same-store sales -- including online sales -- dipped 2% in the quarter.

Children's Place owned and ran 950 stores at the end of the quarter.