Business
The Children's Place Reports Record Fourth Quarter and Full Year 2021 Gross Margin, Operating Margin and EPS
Q4 GAAP Earnings per Diluted Share of $2.68 versusGAAP Earnings per Diluted Share of $0.53 in Q4 2020 Q4 Adjusted Earnings per Diluted Share of $3.02
About this update from Children's Place, Inc. (the)
[{"type":"text","content":"Q4 GAAP Earnings per Diluted Share of $2.68 versusGAAP Earnings per Diluted Share of $0.53 in Q4 2020 Q4 Adjusted Earnings per Diluted Share of $3.02 versusAdjusted Earnings per Diluted Share of $1.01 in Q4 2020 Full Year GAAP Earnings per Diluted Share of $12.59 versusGAAP Loss per Diluted Share of ($9.59) in Fiscal 2020 Full Year Adjusted Earnings per Diluted Share of $13.40 versusAdjusted Loss per Diluted Share of ($3.65) in Fiscal 2020 SECAUCUS, N.J., March 09, 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 fourth quarter and fiscal year ended January 29, 2022. Jane Elfers, President and Chief Executive Officer announced, “We delivered another outstanding quarter with gross margin, operating margin, and EPS all at record levels. Since the onset of the pandemic, our accelerated strategic reset to a digital first company has delivered impressive results; for FY2021 we achieved a 15.1% adjusted operating margin versus 6.0% in 2019, we delivered a 41.6% gross margin, a 660 basis point improvement versus 35.0% in 2019, our operating income was $289 million versus our full year 2019 operating income of $111 million, a $178 million increase, we delivered a 2% increase in net sales in 2021 versus 2019 despite having 256, or 28% fewer stores and we delivered EPS of $13.40 versus $5.36 in 2019.” Ms. Elfers continued, “I want to thank all of our associates for their hard work in delivering these industry-leading results, particularly with all of the challenges we have faced in the last 24 months.” Ms. Elfers concluded, “We are facing significant headwinds in 2022 including decade-high cotton pricing, record inflation, lapping unprecedented stimulus payments from last year, and continued global freight disruptions. However, we believe that the accelerated structural reset to a digital first company that we have accomplished since the onset of the pandemic now positions us to deliver EPS and operating margins significantly above pre-pandemic levels and to establish double digit EPS and double digit operating margin as our new baseline for FY 2022 and beyond.” Fourth Quarter 2021 ResultsNet sales increased $34.9 million, or 7.4%, to $507.8 million in the three months ended January 29, 2022 from $472....