Originally published at www.seclive.com
The Children (NASDAQ:PLCE) announced its third fiscal quarter financial results, reporting a 12% increase in earnings, despite a decline in revenue. The company has had a difficult time with its higher product costs but did well during the back-to-school promotional period. Despite the positive appearances of a 12% earnings increase, the company's revenue declined 1.6% to $492.7M while same-store sales fell 0.7%. Children's Place earnings were up from $37.3M and $1.54 per share a year ago to $41.7M and $1.84 per share. The company greatly reduced its operating expenses, cutting some of its workforce and closing a distribution center in New Jersey. Children's Place opened a net total seven stores, with a total 1,123 stores open at the end of the quarter.
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