Children’s Place Q4 profit falls, but beats view
Secaucus, N.J. — The Children's Place Retail Stores Inc. said Wednesday its profit fell nearly 6% in the fourth quarter, but results topped expectations as the company cut costs.
The retailer said its net income fell to $32.1 million in the three months ended Jan. 29, down from $34.1 million year ago. Revenue fell 2% to $453.2 million from $462.8 million in the prior-year period. Same-store sales fell 5.9%.
Selling, general and administrative expenses fell about 1%. For the year, net income fell 6% to $83.1 million. Revenue rose nearly 2% to $1.67 billion from $1.64 billion.