Aug 20, 2009
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Children's Place posts narrower-than-expected second quarter loss

Aug 20, 2009

Aug 20 (Reuters) - Children's Place Retail Stores Inc's (PLCE.O) posted a narrower-than-expected quarterly loss, helped by cost cuts.

Children's Place boys' clothes - Photo: www.childrensplace.com

For the second quarter, Children's Place posted net loss of $7.2 million, or 24 cents per share, compared with net income of $11,000, or breakeven per share, a year ago.

Excluding items, the company's loss was 42 cents a share compared with analysts' average estimate of 44 cents a share, according to Reuters Estimates.

Earlier this month, the company had reported revenue of $315.7 million, down 7 percent from the year-ago period.

Children's Place had cut about 350 jobs in January as it relocated its e-commerce business, citing lack of space at its present center.

On Wednesday 19 August, rival Gymboree Corp (GYMB.O) posted a better-than-expected second-quarter profit, helped by promotions and lower costs.

Shares of the company, which operates about 937 stores primarily in malls and outlet centers in United States and Canada, closed at $31.92 Wednesday 19 August on Nasdaq. (Reporting by Mihir Dalal in Bangalore; Editing by Anil D'Silva)

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