Newspaper article The Record (Bergen County, NJ)

Children's Place Shares Up despite Decline in Sales

Newspaper article The Record (Bergen County, NJ)

Children's Place Shares Up despite Decline in Sales

Article excerpt

Shares of Secaucus-based kids clothing retailer The Children's Place surged Tuesday, closing up more than 12 percent after the company beat earnings estimates for the third quarter and issued positive guidance for the fourth quarter.

Investors' enthusiasm for the company wasn't dampened by a third quarter in which comparable retail sales -- the measure of how stores did compared with a year ago -- fell by 3 percent and net sales declined by 6.4 percent.

Shares closed at $54.88, up from Monday's close of $48.76.

Jane Elfers, president and chief executive officer, said unseasonably warm weather in the third quarter hurt sales of fall merchandise. The quarter ended Oct. 31.

Elfers said in a statement that tight inventory control and cost management during the quarter enabled the company to improve gross margin and operating margin. …

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