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.

For the three months to 1 November, net income jumped 96% to $24.1m, or $0.81 per share, from $12.3m, or $0.42 per share, for the same period last year.

This year's results were helped by a one-time pre-tax gain of $5.9m related to its exit from the Disney Store North America business.

Excluding one-time items in the third quarters of both years, adjusted income from continuing operations after tax was $24.9m, or $0.84 per share, in the third quarter of 2008, compared to $19.4m, or $0.66 per share, in the third quarter of 2007.

Net sales increased 5% to $450.6m, from $430.6m last time, with comparable store sales rising 2%.

However, Chuck Crovitz, interim chief executive officer, cautioned: "We expect this holiday season to be a very challenging one as the macroeconomic environment remains weak and is impacting consumers' purchasing power."

The Children's Place operates 920 stores.