American retailer The Children's Place posts Q4 FY20 sales of $473 mn

The Children’s Place, the largest pure-play children’s specialty apparel retailer, has announced financial results for its fourth quarter (Q4) FY20 ended January 30, 2021. Sales fell 7.8 per cent to $472.9 million compared to sales of $513.0 million in same period prior year. Net income for the period slipped to $7.8 million (Q4 FY19: $24.2 million).

 

The Children's Place, the largest pure-play children's specialty apparel retailer, has announced financial results for its fourth quarter (Q4) FY20 ended January 30, 2021. Sales fell 7.8 per cent to $472.9 million compared to sales of $513.0 million in same period prior year. Net income for the period slipped to $7.8 million (Q4 FY19: $24.2 million).#

“Fourth quarter results exceeded our expectations across all key metrics with sales significantly exceeding our expectations in both our digital and stores channels. Consolidated digital sales increased 38 per cent for the fourth quarter, representing 46 per cent of total sales,” Jane Elfers, president and chief executive officer, said in a press release.

 

The Children's Place, the largest pure-play children's specialty apparel retailer, has announced financial results for its fourth quarter (Q4) FY20 ended January 30, 2021. Sales fell 7.8 per cent to $472.9 million compared to sales of $513.0 million in same period prior year. Net income for the period slipped to $7.8 million (Q4 FY19: $24.2 million).#

Gross profit for the quarter dropped to $139.7 million ($166.3 million). Selling, general and administrative expenses were $108.7 million ($113.1 million).

 

The Children's Place, the largest pure-play children's specialty apparel retailer, has announced financial results for its fourth quarter (Q4) FY20 ended January 30, 2021. Sales fell 7.8 per cent to $472.9 million compared to sales of $513.0 million in same period prior year. Net income for the period slipped to $7.8 million (Q4 FY19: $24.2 million).#

“With no significant Covid-19 temporary US store closures during the quarter, US store sales were better than expected at 81 per cent of last year’s levels with traffic down approximately 35 per cent. However, due to the significant impact of government mandated Covid-19 closures in Canada, impacting approximately two thirds of our Canadian stores for approximately half of the fourth quarter, Canada store sales performed at 52 per cent of last year’s levels, with traffic down 62 per cent,” Elfers said.

 

The Children's Place, the largest pure-play children's specialty apparel retailer, has announced financial results for its fourth quarter (Q4) FY20 ended January 30, 2021. Sales fell 7.8 per cent to $472.9 million compared to sales of $513.0 million in same period prior year. Net income for the period slipped to $7.8 million (Q4 FY19: $24.2 million).#

“While we are hopeful that the pandemic will subside in 2021, we will continue to address the many pandemic-related challenges we face between now and then, and, at the same time, continue to focus on realising the significant opportunity that exists for our brands,” Elfers concluded.