Last $56.63 USD
Change Today -0.11 / -0.19%
Volume 320.3K
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As of 8:10 PM 12/26/14 All times are local (Market data is delayed by at least 15 minutes).

children's place inc/the (PLCE) Key Developments

The Children's Place, Inc. Appoints Anurup Pruthi as Principal Financial Officer and Principal Accounting Officer

On December 8, 2014, The Children's Place, Inc. appointed Anurup Pruthi, Senior Vice President, Chief Financial Officer of the company, as the company's Principal Financial Officer and Principal Accounting Officer.

The Children's Place, Inc. to Open 75 Franchised Stores; to Close 125 Underperforming Stores Through 2016

The Children's Place, Inc. announced that it remains on track to end the year with 75 franchised stores. The company also announced that it remains on track to close 125 underperforming stores through 2016, which includes the 41 stores the company closed in 2013, along with approximately 35 stores the company plan to close in 2014.

The Children's Place, Inc. Declares Quarterly Cash Dividend, Payable on January 16, 2015

The Board of The Children's Place, Inc. declared a quarterly cash dividend of $0.1325 per share to be paid January 16, 2015 to shareholders of record at the close of business on December 26, 2014.

The Children's Place, Inc. Appoints Anurup Pruthi as Senior Vice President and Chief Financial Officer, Effective December 1, 2014

The Children's Place, Inc. announced the appointment of Anurup Pruthi as Senior Vice President and Chief Financial Officer, effective December 1, 2014. He will report to Michael Scarpa, Chief Operating Officer. Mr. Pruthi, brings over 23 years of financial expertise to The Children's Place. He joins from Reliance Industries Ltd. in Mumbai, India, where he served as Chief Financial Officer for their $2.5 billion retail business.

The Children's Place, Inc. Announces Unaudited Consolidated Financial Results for the Third Quarter and Year to Date Ended November 1, 2014; Reaffirms Earnings Guidance for 2014; Provides Earnings Guidance for the Fourth Quarter of 2014; Reports Asset Impairment Charges for the Third Quarter of 2014

The Children's Place, Inc. announced unaudited consolidated financial results for the third quarter and year to date ended November 1, 2014. Net sales were $487.3 million in the third quarter of 2014. The quarter included the negative impact of approximately $3.9 million from currency exchange rate fluctuations. This compared to net sales of $492.7 million for the third quarter of 2013. Comparable retail sales increased 0.2% for the third quarter 2014. Net income was $36.9 million, or $1.70 per diluted share, in the third quarter of 2014, compared to a net income of $41.7 million, or $1.84 per diluted share, the previous year. Adjusted net income was $39.5 million, or $1.82 per diluted share, compared to $42.7 million, or $1.89 per diluted share, in the third quarter last year. Operating income was $55.8 million, compared to $61.6 million in the third quarter of 2013. Adjusted operating income in the third quarter of 2014 was $60.1 million compared to adjusted operating income of $63.2 last year, and de-leveraged 50 basis points to 12.3% of sales. Income before taxes was $55.72 million compared to $61.65 million reported a year ago. For the year to date, net sales declined 1.2% to $1,282.1 million, compared to $1,298.3 million in the thirty-nine weeks of the prior year. Comparable retail sales declined 0.8%. Year to date sales include the negative impact of approximately $10.2 million from currency exchange rate fluctuations. Net income was $39.9 million, or $1.81 per diluted share, compared to net income of $37.4 million, or $1.63 per diluted share in the prior year period. Adjusted net income was $46.7 million, or $2.12 per diluted share, compared to $52.6 million, or $2.30 per diluted share in the prior year period. Operating income was $59.4 million, compared to operating income of $54.4 million in 2013. Adjusted operating income was $70.3 million, compared to $79.1 million the previous year and de-leveraged 60 basis points to 5.5% of sales. Income before taxes was $59.27 million compared to $54.52 million reported a year ago. Net cash provided by operating activities was $68.56 million compared to $99.18 million reported a year ago. The company expects full-year 2014 adjusted net income per diluted share will be in the range of $2.95 to $3.05, consistent with previous guidance. This guidance assumes comparable retail sales for the year will be relatively flat. The company estimates a $0.09 negative impact from foreign exchange in 2014. The company is providing initial guidance for the fourth quarter of fiscal 2014, and expects an adjusted net income per diluted share between $0.83 and $0.93, assuming positive low single digit comparable retail sales. This compares to an adjusted net income per diluted share of $0.96 in the fourth quarter of 2013. The company estimates a $0.02 negative impact from foreign exchange in the fourth quarter of 2014. For the third quarter of 2014, the company reported asset impairment charges of $3.31 million, as a result of the company's fleet optimization initiative and severance associated with corporate restructuring.

 

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