Children’s Place Q1 income up 19%
Secaucus, N.J. Children's Place Retail Stores said Thursday that its fiscal first-quarter net income beat rose 19% as revenue increased and raised its forecast for full-year earnings from continuing operations.
CEO Jane Elfers said the company intends to "keep a tight rein on expenses as consumer spending remains constrained by lingering weakness in the economic environment."
Children's Place said its net income rose to $27.9 million in the three months ended May 1, compared with $23.5 million a year ago.
Analysts polled by Thomson Reuters forecast a smaller profit.
Revenue rose 5% to $422.1 million, from $401.9 million. Wall Street analysts expected lower revenue of $417.6 million.
Same-store U.S sales fell 1.7% and dropped 4.6% in Canada. Online results were much better, surging 22%.
Children's Place had 962 stores at quarter's end.