USA: Bad July Hits Children's Place Q2 Results
Leading specialty retailer of kids' apparel, The Children's Place Retail Stores Inc, on Thursday posted a wider-than-expected second quarter net loss as falling July sales left large amounts of summer clothing unsold.
The New Jersey-based operator of 600 stores said its net loss was $10.2m compared to $3.9m in the year prior with net sales up 10 per cent to $128.3m from $116.3m during a quarter in which it also opened 46 new outlets.
The chain said same-store sales fell nine per cent in the 13-week period, while for the first half net income plunged to $5m from 8.9m in 2001 and net sales increased nine per cent to $301.3m from $276.8m.
"As previously announced, lower than expected sales in July resulted in excessive levels of summer merchandise which impacted our performance during the second quarter," said Ezra Dabah, chairman and CEO.
"As a result, we took aggressive markdowns to clear the inventory and avoid distracting from our Back-to-School floor set."
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