Children's Place Slashes Q4 Outlook
(RTTNews) - While announcing preliminary unaudited results for the fourth quarter on Monday, specialty apparel retailer The Children's Place, Inc. (PLCE) now expects loss for the fourth quarter in a range of $4.24 to $4.63 per share and adjusted loss in a range of $4.02 to $4.41 per share, down from the prior guidance range of adjusted earnings in the range of $0.50 to $0.75 per share.
On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.55 per share for the quarter. Analysts' estimates typically exclude special items.
The company said this net loss was primarily due to a deterioration in gross margin for reasons not expected when we provided prior guidance, particularly a macro-economic environment in the fourth quarter that proved to be far more challenging for its core customers than it originally anticipated.
Net sales for the quarter are now expected to be between approximately $454 million to $456 million, down from prior guidance of $460 million at the low end. Analysts expect the company to report sales of $467.82 million for the quarter.
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