- Children’s Place Inc (NASDAQ:PLCE) reported a first-quarter FY23 sales decline of 11.2% year-on-year to $321.64 million, missing the consensus of $338.46 million. Comparable retail sales decreased 8.2% for the quarter.
- Gross profit decreased 32% Y/Y to $96.5 million, with the margin contracting 920 basis points to 30%.
- The operating loss for the quarter was $(30.1) million compared to an income of $19.3 million last year.
- Adjusted EPS of $(2.00) missed the analyst consensus of $(1.83).
- The company held $18.2 million in cash and equivalents as of April 29, 2023.
- Inventories for Q1 fell 8.2% Y/Y to $504.2 million.
- The company ended the first quarter of 2023 with 599 stores, a 9% decline Y/Y.
- “Our first quarter results were negatively impacted by the ongoing macro-tension which resulted in outsized pressure on our core customer by limiting their purchasing power,” said President and CEO Jane Elfers.
- The company has now taken a more cautious consumer outlook, citing significant macro-economic headwinds.
- Outlook: Children’s Place sees FY23 sales of $1.575 billion – $1.590 billion (prior $1.62 billion – $1.66 billion) versus the Street view of $1.65 billion and adjusted EPS of $1.00 – $1.50 (prior $2.50 – $3.00), below the consensus of $2.15.
- PLCE expects Q2 sales of $340 million – $345 million, below the consensus of $358.28 million. Q2 Adjusted EPS of $(2.15) – $(2.20), against the Street view of $(1.56).
- Price Action: PLCE shares are trading lower by 16.2% at $19.90 in premarket on the last check Wednesday.
- Photo Via Company
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