The Children's Place Q2 sales increase by 12.2 percent

Image: The Children's Place, Facebook For the second quarter, The Children’s Place reported net sales increase of 44.9 million dollars or 12.2 percent to 413.9 million dollars. The company said that the increase was primarily driven by strong customer response to the product assortment, a reset of pricing and promotional strategy driving significantly higher AUR and ADS, strong back-to-school sales driven by the anticipated return to in-person learning and the enhanced child tax credit payments starting in mid-July. The company added that the sales were negatively impacted by permanent and temporary store closures and the impact of reduced operating hours in mall stores, as mandated by the mall owners. Comparable retail sales were 14.1 percent for the quarter. Commenting on the results, Jane Elfers, the company’s president and CEO, said: “We delivered another outstanding quarter with gross margin, operating margin and EPS all at record levels. We remain firmly on offense and we look forward to continuing to deliver accelerated operating margin expansion for 2021 and beyond.” Highlights of The Children’s Place Q2 results Gross profit for the quarter increased 100.8 million dollars to 167.9 million dollars, while adjusted gross profit increased 98.3 million dollars to 168.1 million dollars. Net income increased 70.7 million dollars to 24.1 million dollars or 1.60 dollars per diluted share compared to a net loss of 46.6 million dollars or loss of 3.19 dollars per diluted share in the comparable period last year. The company’s adjusted net income increased 65 million dollars to 25.7 million dollars or 1.71 dollars per diluted share, compared to an adjusted net loss of 39.3 million dollars or 2.68 dollars per diluted share, in the comparable period last year. The Children’s Place posts year-to-date sales increase of 36.1 percent For the first six month period, the company’s net sales increased 225.2 million dollars or 36.1 percent to 849.3 million dollars. Comparable retail sales were 41.3 percent for the six months ended July 31, 2021. Gross profit increased 308.7 million dollars to 356.1 million dollars in the six months, while adjusted gross profit increased 242.2 million dollars to 357.3 million dollars. The company’s net income increased 230.7 million dollars to 69.3 million dollars or 4.61 dollars per diluted share compared to a net loss of 161.4 million dollars or 11.04 dollars per diluted share in the comparable period last year. Adjusted net income increased 162.5 million dollars to 74.5 million dollars or 4.95 dollars per diluted share, compared to an adjusted net loss of 88 million dollars or 6.02 dollars per diluted share, in the comparable period last year.
http://dlvr.it/S5wj3G