The Children's Place reports second-quarter declines

SECAUCUS, N.J. The Children's Place reported declining financial results for second quarter and fiscal year-to-date 2009 ending Aug. 1 and Aug. 2.

In the second quarter, net sales from continuing operations for second quarter 2009 were $315.7 million, a 7% decline compared with the previous year's second-quarter net sales of $338.0 million. Comparable retail sales, which include online sales, declined 9% in second quarter 2009 following a 10% increase during the same period last year. The loss from continuing operations after tax was $7.2 million, or 24 cents loss per share, in second quarter 2009, compared with income of $2.7 million, or 9 cents earnings per share, in second quarter 2008.

In the fiscal year-to-date, net sales from continuing operations were $717.6 million for fiscal year-to-date 009, a 3% decline compared with $738.2 million for the same period of the prior year. Comparable-store sales declined 3% year-to-date 2009 following an 8% increase last year. Income from continuing operations after tax was $16.5 million, or 56 cents earnings per share, year-to-date 2009, compared with $22.2 million, or 75 cents earnings per share, last year.

"Looking ahead, we plan to continue to operate our business conservatively while the recession lingers, but remain confident that we have the right strategies in place to drive long-term growth," commented Chuck Crovitz, interim CEO of The Children's Place.