Issuing a warning for the fourth quarter, popular kids' clothing store, The Children’s Place is urgently seeking new funding.
Operator of over 500 stores in North America, The Children’s Place, now expects a fourth-quarter adjusted operating loss to reach 9 per cent to 8 per cent of sales. Its prior guidance had called for adjusted operating income of about 2 per cent of sales.
The company expects net sales to range from approximately $454 million to $456 million, compared to its prior guidance of $460 million to $465 million.
For its third quarter, ended Oct 28, The Children’s Place’s net sales decreased 5.7 per cent to $28.9 million, comparable retail sales decreased 7.3 per cent. The company’s adjusted net income was $40.6 million, or $3.22 per share, compared to $43.8 million, or $3.33 per share, in the comparable period last year.
The company's global retail and wholesale network includes four digital storefronts, more than 500 stores in North America, wholesale marketplaces and distribution in 16 countries through six international franchise partners.
The Children’s Place designs, contracts to manufacture, and sells apparel, accessories and footwear predominantly at value prices, primarily under its proprietary brands: The Children’s Place, Gymboree, Sugar & Jade and PJ Place.
