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Children's Place Q2 Earnings, Outlook Provide Positive Surprises

Childrens Place Inc PLCE reported better-than-expected results for the second quarter. The company boosted its full year outlook sending the stock.

The company reported a net loss of $2.01 million or a loss of $0.11 a share in the second quarter. This is smaller than the year-ago period's loss of $13.7 million or $0.67 loss per share. On an adjusted basis, it would have incurred a loss of $0.01 a share compared to $0.33 loss per share in the preceding year period. Street analysts' expected a loss of $0.23 a share.

Childrens Place generated net sales of $371.42 million, which is higher than the analysts' estimate of $368.67 million. In the previous year period, the company's net sales were $366.46 million.

The company's President and CEO, Jane Elfers, commented, "We continue to demonstrate our ability to deliver on our multi-pronged transformation strategy - superior product, business transformation through technology, global growth through alternate channels of distribution and store fleet optimization - despite the challenging retail environment and the continued weakness in store traffic."

Going forward, the retailer increased its adjusted EPS forecast from $4.17-$4.27 to $4.60-$4.70. Street is looking for an EPS of $4.26.

Following the news, the stock traded up by $3.14, or 3.66 percent, to $89.00 in the pre-market on Wednesday.

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