• Underlying Q4 net profit up 13% to US$32.3m
  • Net sales down 2.1% to $453.2m
  • Expects flat comps in fiscal 2011

Retailer The Children’s Place is expecting a year of flat comparable store sales after increasing its fourth quarter adjusted profit despite a fall in net sales and a 5.9% comps dip.

The sales slowdown failed to reverse the company’s full-year sales increase of 1.8% to $1.67bn, with adjusted net income for the year up 10% to $83.2m.

Company president and CEO Jane Elfers hailed “significant progress” in 2010, adding: “We increased top-line sales through growth in our e-commerce business and the opening of 67 new stores, primarily in value centres.

“We significantly strengthened our management team and made solid progress on our five key growth initiatives.”

The Children’s Place is currently forecasting fiscal 2011 earnings per share of $3.05-3.25.