- Children’s Place Inc (NASDAQ:PLCE) reported a third-quarter FY22 sales decline of 8.8% year-on-year to $509.12 million, beating the consensus of $499.44 million. Comparable retail sales decreased 10% for the quarter.
- The decrease in sales was primarily due to permanent store closures and a slowdown in consumer demand resulting from the unprecedented inflation impacting its customers.
- The gross profit decreased 27.7% Y/Y to $176.9 million, with the margin contracting 910 basis points to 34.7%.
- The operating margin was 11.3%, and the operating income plunged 49.2% to $57.8 million.
- Adjusted EPS of $3.33 missed the analyst consensus of $3.73.
- The company held $19.2 million in cash and equivalents as of October 29, 2022.
- Inventories for Q3 rose 24% Y/Y to $549 million.
- Outlook: Children’s Place sees FY22 sales of about $1.713 billion – $1.723 billion (prior view ~$1.725 billion) versus the Street view of $1.72 billion and adjusted EPS of$4.05 – $4.30 (prior view ~$7.00), below the consensus of $6.46.
- It expects Q4 sales of $460 million – $470 million versus the consensus of $480 million. Q4 Adjusted EPS of $0.50 – $0.75 against the estimate of $2.33.
- Price Action: PLCE shares are trading higher by 0.44% at $36.29 on the last check Thursday.
- Photo Via Company
This Latin American Cannabis Co. Plans To Expand In Thailand Amid Significant Shifts In Weed Regulation Landscape
PharmaCielo revealed its plans to acquire cannabis operations in Thailand.On Wednesday, the Canadian parent of Colombia's premier cultivator and producer of dried flower and medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., said it has signed a binding letter of intent to enter a proposed transaction to acquire 100% of the issued and outstanding shares of Siam Ventures Corporation in exchange for common shares of PharmaCielo equaling to CA$3 million ($2.2 million).PharmaCielo also revealed it's undertaking a non-brokered private placement of 9,090,909 units at CA$0.2 per unit.
Under the deal, the sum will be payable on closing by way of the issuance of 13,636,363 PharmaCielo Shares to the Siam Ventures' shareholders on a pro-rata basis.
