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The Children's Place's (PLCE) third-quarter fiscal 2023 results reflect a year-over-year decline in both the top and bottom lines due to a tough macroeconomic environment.
The Children's Place has reported third-quarter revenue that beat analysts' expectations but an earnings miss, sending its shares sharply lower on Thursday. The children's specialty retailer said sales over the three months to October 28, 2023, were fueled by a double-digit increase in e-commerce traffic, with strong back-to-school results in August and the success of its seasonal categories in September and October.
Children's Place Inc.'s stock PLCE, +6.49% was down by 12.6% in premarket trading on Thursday after the retailer warned it will miss Wall Street's fourth-quarter earnings estimate. Children's Place reported third-quarter net income of $38.5 million, or $3.05 a share, down from $42.9 million, or $3.26 a share, in the year-ago quarter.
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The Children's Place, Inc. has multiple drivers including a partnership with Amazon and improved marketing. Lower cotton, freight, and occupancy costs should drive earnings results in the 2H and into next year. The stock looks inexpensive and does not take into account its ongoing turnaround.
The Children's Place's (PLCE) second-quarter fiscal 2023 results reflect a year-over-year decline in both top and bottom lines due to a tough macroeconomic environment.
Second-quarter results exceeded management's sales and earnings guidance. Customers are still feeling the squeeze from inflation that is impacting sales.
The Children's Place (PLCE) came out with a quarterly loss of $2.12 per share versus the Zacks Consensus Estimate of a loss of $2.16. This compares to loss of $0.89 per share a year ago.
SECAUCUS, N.J., Aug. 14, 2023 (GLOBE NEWSWIRE) -- The Children's Place, Inc. (Nasdaq: PLCE) today announced that, in conjunction with the release of its second quarter 2023 financial results, you are invited to listen to the Company's conference call on Thursday, August 17, 2023, beginning at 8:00 a.m. Eastern Time.
The Children's Place (PLCE) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.