Business
THE CHILDREN’S PLACE REPORTS FOURTH QUARTER AND FULL YEAR 2019 RESULTS
Reports Q4 GAAP Earnings per Diluted Share of $1.61 versus $0.74 in Q4 2018 Reports Q4 Adjusted Earnings per Diluted Share of $1.85 versus $1.10 in Q4 2018
About this update from Children's Place, Inc. (the)
[{"type":"text","content":"Reports Q4 GAAP Earnings per Diluted Share of $1.61 versus $0.74 in Q4 2018\n Reports Q4 Adjusted Earnings per Diluted Share of $1.85 versus $1.10 in Q4 2018 Defers Fiscal 2020 Guidance due to Heightened Uncertainty Regarding the Evolving COVID-19 Pandemic SECAUCUS. N.J., March 17, 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 fourth quarter and fiscal year ended February 1, 2020. Jane Elfers, President and Chief Executive Officer announced, “We delivered Q4 EPS significantly above the high-end of our guided range. Sales exceeded our expectations with our digital business representing 31% of our total sales in Q4.” Ms. Elfers said, “We successfully launched the Gymboree brand on February 12th, and received a very positive initial response from the customer. Our consolidated comp was running up low-single digits through the first five weeks of Q1, despite the early impact from COVID-19. However, since then, the impact on demand from the evolving COVID-19 pandemic has become significantly greater. We have taken preventative measures across all of our stores in the U.S. and Canada through a combination of store closures and reduced hours based on direction from local government officials and health authorities to ensure the safety and well-being of our associates and our customers. As a result of the uncertainty surrounding the impact and duration of the COVID-19 pandemic, we will not be providing forward guidance at this time.” Ms. Elfers continued, “With respect to our supply chain, due to our long-standing diversification strategy, our outstanding team, and our strong vendor partnerships, we currently do not foresee any issues with product deliveries or product delays as a result of the disruption in China.” Ms. Elfers concluded, “While we are in an uncertain period, the underlying fundamentals of our business are strong. We are confident that our management team will continue to focus on and execute against our key strategic growth initiatives, uniquely positioning us to continue to capture profitable market share, generate strong cash flow, increase returns on our invested capital, and create value for our shareholders in the years ahead.” Financial ResultsThe Company’s results are repor...