Children's Place Swings to 2Q Profit on Web Sales

Secaucus, N.J. Children's Place Retail Stores Inc. said Thursday cost cuts and stronger Internet sales helped it swing to a profit in its second quarter.

Net income for the three months ended Aug. 2 was $11,000 compared with a loss of $28.1 million in the year-earlier period.

Selling, general and administrative expenses fell 3.1%, while revenue rose 16% to $338 million.

Same-store sales increased 9% in the second quarter compared to a 1% decrease last year.

"Our merchandise assortment for summer was very well-received by customers and our sharpened e-commerce marketing and merchandising efforts helped to drive Web traffic and sales," interim CEO Chuck Crovitz said in a statement.