Business
The Children’s Place Reports First Quarter 2020 Results
Reports Q1 GAAP Loss per Diluted Share of ($7.86) versus $0.28 in Q1 2019Reports Q1 Adjusted Loss per Diluted Share of ($1.96) versus $0.36 in Q1 2019Targets
About this update from Children's Place, Inc. (the)
[{"type":"text","content":"Reports Q1 GAAP Loss per Diluted Share of ($7.86) versus $0.28 in Q1 2019Reports Q1 Adjusted Loss per Diluted Share of ($1.96) versus $0.36 in Q1 2019Targets 300 Additional Store Closures; 200 in Fiscal 2020; 100 in Fiscal 2021\n SECAUCUS, N.J., June 11, 2020 (GLOBE NEWSWIRE) -- The Children’s Place, Inc. (Nasdaq: PLCE), the largest pure-play children’s specialty apparel retailer in North America, today announced financial results for the first quarter ended May 2, 2020. Jane Elfers, President and Chief Executive Officer, said, “Although we are facing a period of uncertainty regarding the future impact of the COVID-19 pandemic, The Children’s Place is moving swiftly and decisively to proactively address these challenges. In an effort to structurally position the company for continued success, we are significantly accelerating our fleet optimization initiative, and focusing our resources on accelerating our digital sales, both key elements of our long-standing transformation strategy. At the same time, we are addressing the near-term priorities necessary to preserve our financial flexibility.” Elfers continued, “We believe that our long-standing transformation strategy has prepared us well for these uncertain times. As demand for our essential children’s clothing continues to surge, our omni-channel advantages are clear; quarter-to-date, our consolidated sales are up positive low double-digits, with on-line demand up 300%, while approximately 95% of our stores remain closed. We are planning to have the majority of our stores open by July 1st.” Elfers continued, “We have spent the past several years focused on three key strategic pillars within our transformation strategy: Superior Product, Digital Transformation and Fleet Optimization. Our Superior Product consistently resonates with our core millennial customer and provides a strong value proposition that thrives in any type of economic environment. Our Digital Transformation has been supported by accelerated investments over the past three years enabling us to achieve one of the highest digital penetrations in the industry at 31% of revenue for fiscal 2019. These digital investments have allowed us to operate at a high level during the current crisis, with the ability to fulfill our outsized online demand through our advanced omni-channel capabilities. We believe that our stron...