Children's Place Q1 profit up 4%, forecasts miss Street
Secaucus, N.J. -- The Children's Place Retail Stores reported Thursday that profit for the quarter ended April 30 rose 4% to $29.1 million, compared with $27.9 million a year earlier. The retailer cited better product assortment, strong online sales and inventory-control efforts for the improved performance. Children’s Place also increased the low end of its full-year earnings outlook range, but its 2011 and second-quarter forecasts missed Wall Street's expectations. Revenue for the quarter rose 2% to $430.8 million, helped by a 24% increase in online revenue. Wall Street forecast revenue of $432.1 million. Same-store sales dropped 3.2%.