Children's Place Slashes FY23 Outlook As Q1 Results Miss Estimates; Stock Down 16%
Specialty apparel retailer The Children’s Place, Inc. (PLCE) reported Wednesday a net loss for the first quarter of $28.83 million or $2.33 per share, compared to net income of $19.83 million or $1.43 per share in the prior-year quarter.
Excluding items, adjusted net loss was $2.00 per share, compared to $1.05 per share last year.
On average, four analysts polled by Thomson Reuters expected the company to report a loss of $1.83 per share for the quarter. Analysts’ estimates typically exclude special items.
Net sales for the quarter declined 11.2 percent to $321.64 million from $362.35 million in the same quarter last year. Analysts expected revenue of $338.46 million for the quarter. Comparable retail sales decreased 8.2 percent for the quarter.
Looking ahead to the second quarter, the company expects adjusted loss in a range of $2.15 to $2.20 per share on net sales between $340 million and $345 million. Analysts expect a loss of $1.56 per share on revenues of $358.28 million for the quarter.
For fiscal 2023, the company now projects adjusted earnings in a range of $1.00 to $1.50 per share on net sales between $1.575 billion and $1.590 billion.
Previously, the company expected adjusted earnings in the range of $2.50 to $3.00 per share on net sales between $1.62 billion and $1.66 billion.
The Street is looking for earnings of $2.15 per share on revenues of $1.65 billion for the year.
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