US retailer The Children’s Place Retail Stores has posted a net loss for the second Q2 running, despite improved sales.
During the second quarter of 2010, same-store sales increased 3.3% in the US and 0.8% in Canada, and comparable online sales increased 30.4%.
YTD net income, including the impact of discontinued operations, was $19.7m, compared to $16.5m last year.
The company expects earnings per diluted share from continuing operations to be in the range of $3.08 to $3.18 for fiscal 2010, reflecting its first half results, from its previous guidance of $3.05 to $3.15.
“We posted solid results for the second quarter, narrowing our seasonal operating loss through a combination of top line growth and disciplined expense management. We also continued to make substantial progress on our longer-term growth initiatives and believe we are well positioned to gain market share,” said Jane Elfers, president and CEO of The Children’s Place. “While the economic environment remains uncertain, we are focused on driving improved sales and profitability in our business for the long term.”
Click here to view the company’s full second quarter results statement.
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