Children’s Place Q4 profit drops

Secaucus, N.J. Children's Place Retail Stores fiscal fourth-quarter earnings fell 12% on fewer tax benefits even as the children's clothing retailer turned in solid results.

For the fourth quarter ended Jan. 30, the company posted a profit of $34.1 million compared with $38.8 million a year earlier.

The company had earlier reported fourth-quarter revenue of $462.8 million, an increase of 5% from a year ago. Same-store sales were flat after a 1% increase a year earlier.

New CEO Jane Elfers, who took the helm at the firm in January, said Children's Place has developed a five-pronged growth plan. It focuses on strengthening merchandise, accelerating new store growth, improving inventory management, sharpening marketing and pushing online sales.