Mar 19, 2009
Children's Place posts Q4 profit on lower expenses
Mar 19, 2009
March 19 (Reuters) - Children's Place Retail Stores Inc (PLCE.O) posted a fourth-quarter net profit, compared with a prior-year loss, helped by a drop in impairment charge and expenses, but said it would not give an earnings-per-share outlook at this time.
The company said it expects to incur one-time capital expenses of about $17 million in 2009 related to the relocation of its headquarters. It plan to relocate its headquarters in the Fall of this year.
For the fourth quarter, Secaucus, New Jersey-based Children's Place posted a profit of $38.8 million, or $1.31 a share, compared with a loss of $58.5 million, or $2.01 a share, the year earlier.
The company's income from continuing operations rose to 79 cents a share, compared with a loss of 15 cents a year ago.
Excluding items, it earned 72 cents a share from continuing operations.
Selling, general and administrative expenses fell almost 9 percent, while asset impairment charge dropped 64 percent.
Shares of Children's Place, whose rivals include Gymboree (GYMB.O), American Eagle Outfitters (AEO.N) and Aeropostale (ARO.N), closed at $23.51 Wednesday on Nasdaq. For related alerts, double click (Reporting by Renju Jose in Bangalore; Editing by Himani Sarkar)
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