Business
The Children’s Place Reports Second Quarter 2023 Results
Reports Q2 GAAP EPS of $(2.82) versus ($1.01) in Q2 2022Reports Q2 Adjusted EPS of ($2.12) versus ($0.89) in Q2 2022Expects Adjusted EPS in the Range of
About this update from Children's Place, Inc. (the)
[{"type":"text","content":"Reports Q2 GAAP EPS of $(2.82) versus ($1.01) in Q2 2022Reports Q2 Adjusted EPS of ($2.12) versus ($0.89) in Q2 2022Expects Adjusted EPS in the Range of $5.00-$5.25 for the Back Half of 2023 SECAUCUS, N.J., Aug. 17, 2023 (GLOBE NEWSWIRE) -- The Children’s Place, Inc. (Nasdaq: PLCE), an omni-channel children’s specialty portfolio of brands with an industry-leading digital-first model, today announced financial results for the second quarter ended July 29, 2023. Jane Elfers, President and Chief Executive Officer said, “Our Q2 results exceeded our guidance on both the top- and bottom-lines. The top-line beat was the result of a strong digital performance fueled by a strong start to Back-to-School, driven by our successful First-to-Market Back-to-School digital marketing strategies, and our on-trend product assortments. In addition, our wholesale channel delivered another outstanding quarter driven by the strength of our Amazon partnership. The bottom-line beat was the result of our continued strong focus on expense management. With respect to monthly sales cadence, May was our weakest month, June improved significantly with the kickoff of our Back-to-School strategy and July was our strongest month of the quarter.” Ms. Elfers continued, “Our ecommerce sales were up low single digits for both the month of June and the month of July, driven by a low double digit increase in ecommerce traffic for the quarter. Our ecommerce channel represented an industry-leading 51% of our retail sales in Q2 versus 47% last year and 30% in 2019.” Ms. Elfers concluded, “We are a more resilient and streamlined Company today than we were pre-pandemic, and we will continue to grow stronger as we move through the balance of this year and beyond. It is early days, but our Back-to-School momentum has continued into Q3, and we are looking forward to capitalizing on our transformation to a digital-first operating model by delivering our back half outlook for our shareholders.” Second Quarter 2023 ResultsNet sales decreased $35.3 million, or 9.3%, to $345.6 million in the three months ended July 29, 2023, compared to $380.9 million in the three months ended July 30, 2022. The decrease in net sales compared to Q2 2022 was primarily due to the impact of a slowdown in consumer demand resulting from the unprecedented inflation impacting our customer, an increase in...