US: Disney Store exit lifts Children's Place Q1 profit
For the three months to 3 May, net income at the children's clothing retailer rose to $19.5m, or $0.67 per share, from $14.7m, or $0.49 per share, a year earlier.
Income from continuing operations was $19.4m compared to $19.1m last year the company said yesterday (22 May).
Net sales for the 13 weeks increased 12% to $400.2m from $356.0m, with comparable store sales rising 5%.
Chuck Crovitz, interim chief executive officer, said: "Our first quarter results show progress toward our goal of returning the company to its historical level of profitability.
Earlier this month, the Secaucus, New Jersey based retailer agreed to a request from its former CEO Ezra Dabah and Golden Gate Private Equity Inc to put forward a proposal to buy the company.
It said the proposal is part of a review of "the full range of strategic alternatives available to maximise shareholder value, including the potential sale of the company.
It also sold around 220 North American Disney stores back to The Walt Disney Co.
The Children's Place Retail Stores Inc has nearly doubled its third quarter profit, helped by rising sales and a one-time gain from its exit of the Disney Store North America business....
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