Children's Place Q3 Adj. EPS Misses Estimates; Slashes FY23 Outlook; Stock Down 18%
(RTTNews) - Specialty apparel retailer The Children's Place, Inc. (PLCE) reported Thursday that net income for the third quarter decreased to $38.48 million or $3.05 per share from $42.86 million or $3.26 per share in the prior-year quarter.
Excluding items, adjusted net loss was $3.22 per share, compared to $3.33 per share last year.
On average, four analysts polled by Thomson Reuters expected the company to report earnings of $3.56 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter declined 5.7 percent to $480.23 million from $509.12 million in the same quarter last year. Analysts expected revenues of $467.66 million for the quarter. Comparable retail sales decreased 7.3 percent for the quarter.
Looking ahead to the fourth quarter, the company expects adjusted loss in a range of $0.25 to $0.45 per share on net sales between $460 million and $465 million. Analysts expect earnings of $1.35 per share on revenues of $437.92 million for the quarter.
For fiscal 2023, the company now projects adjusted net loss in a range of $0.59 to $0.39 per share on net sales between $1.605 billion and $1.610 billion.
Previously, the company expected adjusted earnings in the range of $1.00 to $1.25 per share on net sales between $1.575 billion and $1.585 billion.
The Street is looking for earnings of $0.90 per share on revenues of $1.61 billion for the year.
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