Business
The Children’s Place Reports First Quarter 2022 Results
Reports Q1 GAAP EPS of $1.43 versus $3.01 in Q1 2021 and $0.28 in Q1 2019 Reports Q1 Adjusted EPS of $1.05 versus $3.25 in Q1 2021 and $0.36 in Q1 2019
About this update from Children's Place, Inc. (the)
[{"type":"text","content":" Reports Q1 GAAP EPS of $1.43 versus $3.01 in Q1 2021 and $0.28 in Q1 2019 Reports Q1 Adjusted EPS of $1.05 versus $3.25 in Q1 2021 and $0.36 in Q1 2019 SECAUCUS, N.J., May 19, 2022 (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 April 30, 2022. Jane Elfers, President and Chief Executive Officer announced, “Our Q1 results were negatively impacted by several factors, the largest being lapping the unprecedented stimulus released into the economy in March of 2021. March sales this year were extremely challenging with sales down approximately 35% versus March 2021. We also believe that the combination of the unseasonably cold weather that lasted through the end of the quarter in most of our key markets, and the unprecedented levels of inflation, particularly with respect to gasoline and food prices, negatively impacted our Q1 results. On a positive note, for the first time in three years families joined together to celebrate the Easter Holiday, and we were very pleased with the performance of our Easter Dressy Business across all three of our brands. Gymboree and TCP had standout performances across all dressy categories and Sugar & Jade delivered strong results in the categories where we had dressy ownership.” Ms. Elfers continued, “We are proud to announce that starting this July, Amazon will launch our iconic Gymboree brand on their website. We are excited to continue to grow Gymboree by partnering with the number one apparel retailer in the U.S. to reach a significantly larger, digitally savvy, customer base and to build upon the Gymboree momentum in 2022 and beyond.” Ms. Elfers continued, “Looking ahead, while the impact of last year’s stimulus will eventually wane and the weather will eventually change, we believe that the unprecedented levels of inflation, which are now projected to persist into 2023, will continue to have an outsized impact on the lower income consumer, particularly due to significantly higher gasoline and food prices. Due to these persistently high levels of inflation and the lack of visibility into its impact on the balance of the year, we are tempering our top line expectation for 2022 and we are now planning for a mid-single digit decline in sales for ...