Feb 4 (Reuters) - Children's Place Retail Stores Inc (PLCE.O) forecast fourth-quarter earnings ahead of market estimates and posted a better-than-expected rise in January same-store sales.
The children's apparel retailer expects earnings per share from continuing operations in the fourth quarter of 99 cents to $1.04 a share, excluding items. The company also reported a 5 percent rise in fourth-quarter net sales to $462.8 million. Analysts on average expect the company, scheduled to report fourth-quarter results on March 10, to earn 81 cents a share, before items, on sales of $452.5 million, according to Thomson Reuters I/B/E/S. For January, the company reported a 12 percent increase in sales at stores open at least a year. Analysts were expecting the company to report a same-store sales increase of 1.6 percent, according to Thomson Reuters data. Shares of the company were up 3 percent at $35.44 in trading before the bell. They closed at $34.40 Wednesday 3 February on Nasdaq. (Reporting by Abhishek Takle in Bangalore; Editing by Aradhana Aravindan) |
Promotions and tighter cost controls helped Children's Place Retail Stores Inc beat market estimates by a penny, even as the company brought in more merchandise to prepare for the holiday selling season. 
Children's Place Retail Stores Inc posted a smaller-than-expected dip in October same store sales and topped Wall Street estimates on third-quarter sales, sending its shares up 8 percent in pre-market trade. 
Children's Place Retail Stores Inc's posted a narrower-than-expected quarterly loss, helped by cost cuts. 
Children's Place Retail Stores' board of directors urged shareholders to vote against a slate of board nominees put up by former Chief Executive Ezra Dabah. 
Ezra Dabah, board member and former chief executive of Children's Place Retail Stores Inc, said there was no current deal in place with Golden Gate related to a potential acquisition of the apparel retailer. 
Children's Place Retail Stores Inc 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. 
Children's Place Retail Stores Inc (PLCE.O) said it will cut about 350 jobs as it relocates its e-commerce business, citing lack of space at its present center. The company, whose rivals include Gymboree (GYMB.O), American Eagle Outfitters (AEO. 
Children's Place Retail Stores Inc's quarterly profit almost doubled, driven by higher sales and improved gross margins, sending its shares up as much as 12 percent. For the third quarter ended Nov. 1, the apparel retailer posted net income of $24. 
