The Children's Place Retail Stores Inc has reported a 22% jump in first quarter profit thanks to higher sales and cost cutting measures.

Income rose to $23.7m, or $0.80 per share, from $19.4m, or $0.66 per share, a year earlier.

Excluding restructuring costs, financing fees and an asset impairment charge, earnings were $21.8m, or $0.74 per share, the company said.

Net sales were up 0.4% to $401.9m from year's $400.2m, and comparable retail sales, which include online sales, increased 1%.

Interim CEO Chuck Crovitz said the company delivered "a solid performance in the first quarter, particularly in light of the market volatility and negative industry trends."

He added: "Comparable retail sales increased as our trend-right fashion at great value prices resonated well with customers."